Zamora buys MRC mining assets

MANILA, Philippines — Listed MRC Allied Inc. (MRC) is selling its entire mining assets to mining mogul Salvador “Buddy” Zamora II as it seeks to transform into a holding company and further diversify into clean energy development.

In a disclosure to the Philippine Stock Exchange yesterday, MRC said it signed a memorandum of agreement (MOA) with Zamora for the sale of its mining rights in four projects.

These are the Tampakan Copper-Gold Project and Marihatag Copper-Gold Project in Tampakan, Davao Del Sur, and the Boston-Cateel Copper-Gold Project and Paquibato Copper-Gold Project in Davao Oriental and Davao Del Norte.

Under the MOA, Zamora has agreed to acquire the mining rights of the four mining projects for a total of P1.5 billion, of which 50 percent would be paid upon signing of the agreement.

The remaining balance shall be from the 50 percent revenue from operations up to P750 million, or if the buyer decides to sell the mining assets, the seller shall have 50 percent of the proceeds.

MRC said the proceeds would be used to “acquire other business entities to continue its aspirational goal of transforming from property business to a holding company.”

This will also allow the company to “diversify into energy, social and governance related portfolios including but limited to renewable energy and other potentially viable projects that will add value to its company and stockholders.”