The Maharlika Investment Corporation (MIC), the Philippines’ sovereign wealth fund manager, has signed a binding term sheet to provide a $76.4 million bridge loan to Makilala Mining Company, Inc. (Makilala Mining) to accelerate the early development of the Maalinao-Caigutan-Biyog Copper-Gold Project (MCB Project) in Kalinga province.
The financing will fund key preparatory activities, including updating Makilala Mining’s feasibility study and front-end engineering design, constructing a primary access road in partnership with the Kalinga Provincial Government, and implementing skills-based training programs for Balatoc Indigenous Cultural Community members. The loan will also help Makilala Mining fulfill the financial capability requirements under its Mineral Production Sharing Agreement with the Philippine Government.
MIC President and CEO Rafael D. Consing, Jr. underscored the project’s alignment with the sovereign wealth fund’s mission to drive economic growth and sustainable development. “Our investment in the MCB Project reflects a shared commitment to sustainable, inclusive, and regenerative development,” Consing stated.
Makilala Mining President Atty. Julito R. Sarmiento welcomed the support, emphasizing the government’s commitment to responsible mining in the critical metals sector.
Australian Ambassador to the Philippines, Her Excellency HK Yu PSM, FCPA (Aust), also expressed her enthusiasm for the partnership. “I am thrilled that Maharlika’s investment in the mining sector is with an Australian-Filipino company, marking the renaissance of the Philippine mining industry. This project sends a strong message that the Philippines is open for business,” she said.
She added, “Australia is proud to collaborate with the Philippines in sustainable, community-based mining, supporting responsible and long-term growth.”
Makilala Mining is an affiliate of Celsius Resources Limited, a publicly listed company on both the Australian Securities Exchange and the London Stock Exchange.
MIC’s decision to back the MCB Project followed rigorous due diligence assessing the project’s technical, financial, legal, environmental, and socio-economic viability, with initial findings proving promising. The loan will be released in tranches, beginning with an initial $10 million to fast-track project execution. The agreement also includes provisions ensuring MIC’s oversight and participation in key project management decisions.
As discussions on securing additional equity funding continue, MIC remains committed to fostering responsible mining initiatives that drive economic opportunities while upholding environmental and social sustainability.
