MIC To Provide USD76.4 Million Bridge Loan to Launch Copper-Gold Project

Maharlika Investment Corporation (MIC), the Philippines’ sovereign wealth fund manager, has signed a binding term sheet to provide a USD 76.4 million bridge loan to Makilala Mining Company, Inc. (Makilala Mining) to initiate early development works for the Maalinao-Caigutan-Biyog Copper-Gold Project (MCB Project) in the province of Kalinga.

MIC President and Chief Executive Officer Rafael D. Consing, Jr. leads the signing of the USD 76.4 million Loan Agreement. I Photo: MIC

The financing will support a range of initial development activities, including updating Makilala Mining’s feasibility study and front-end engineering design, constructing a main access road in collaboration with the Kalinga Provincial Government, and funding skills-based training for members of the Balatoc Indigenous Cultural Community.

The loan will also allow Makilala Mining to meet the financial capability requirements under its Mineral Production Sharing Agreement with the Philippine Government.

MIC President and Chief Executive Officer Rafael D. Consing, Jr. emphasized that the MCB Project aligns with the sovereign wealth fund’s mandate to drive economic growth and sustainable development.

“Our investment decision reflects a shared commitment to the sustainable, inclusive, and regenerative development of the MCB Project,” Consing said.

Makilala Mining President Atty. Julito R. Sarmiento added that the move shows the government’s strong support for responsible mining in the critical metals sector.

The Australian Ambassador to the Philippines, Her Excellency HK Yu PSM, FCPA (Aust) said, “I am thrilled that Maharlika’s mining sector investment is with an Australian-Filipino mining company, leading the renaissance of the Philippine mining industry. This project sends a very strong signal to the world that the Philippines is open for business.”

“Australia is happy to partner with the Philippines in this important area, bringing our expertise in sustainable, community-based mining to support responsible and long-term growth,” Ambassador Yu added.

Makilala Mining is an affiliate of Celsius Resources Limited, a listed company on both the Australian Securities Exchange and London Stock Exchange.

MIC’s decision to back the MCB Project followed a rigorous due diligence review of its technical, financial, legal, environmental, and socio-economic aspects, yielding promising initial results.

The loan will be disbursed in tranches, with an initial USD 10 million earmarked for immediate project commencement. The agreement also includes provisions ensuring MIC’s oversight and participation in key project management decisions.

Discussions on securing additional equity funding for the MCB Project are ongoing, as MIC continues to support responsible mining initiatives that generate economic opportunities while upholding environmental and social sustainability.