By Aubrey Rose A. Inosante, Reporter
MAHARLIKA INVESTMENT Corp. (MIC) is planning to acquire a stake in Makilala Mining Company, Inc. (MMIC), a mineral exploration and development firm, with the deal expected to close in the early part of the second half of 2025.
This follows MIC’s announcement that it has signed a binding term sheet to provide a $76.4-million bridge loan facility to MMIC to fund the early-stage development of the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in Kalinga province.
“The goal is to acquire primary shares of MMIC following the update of the feasibility study and front-end engineering design,” MIC Chief Executive Officer Rafael D. Consing, Jr. told BusinessWorld in an exclusive Viber message on Tuesday.
MMIC, a subsidiary of Australia-based Celsius Resources Ltd., is listed on both the Australian Securities Exchange and the London Stock Exchange.
The company focuses primarily on the MCB Copper-Gold Project, its flagship initiative. “The project site, popularly known as Batong Buhay, is located within the ancestral domain of the Balatoc Tribe. It is approximately nine aerial kilometers to the southwest of the town proper of Pasil at Amdalao and about 12 aerial kilometers west of Lubuagan Municipality, and 43 aerial kilometers west-southwest of Tabuk City, the capital of Kalinga,” MMIC said on its website.
“This investment aligns directly with Maharlika’s overall investment strategy, which is centered on driving sustainable economic growth and creating long-term value for the Filipino people,” Mr. Consing said.
He added that the mining sector — particularly for critical minerals like copper and gold — is a strategic industry for the country, as these are essential for various sectors, including renewable energy and infrastructure development.
Mr. Consing did not disclose the pricing details of the deal.
When asked about the remaining amount of the P125-billion capital allocated to MIC, Mr. Consing said it is “still substantial.”
In a separate interview with CNN on Tuesday, he said MIC is looking to invest in key sectors such as energy security, food security, mining, and broadband connectivity nationwide.
This marks MIC’s third investment since the sovereign wealth fund agreed to set up a private equity fund with Thailand’s Charoen Pokphand Group Co., Ltd. to raise $1 billion for investments in agriculture and food production, digital innovation, and sustainable energy.
Last month, MIC signed a deal to acquire a 20% stake in Synergy Grid & Development Phils. Inc. for P19.7 billion, or about P15 per preferred share, giving it a “foothold” in National Grid Corp. of the Philippines, the country’s sole grid operator.