Maharlika Investment Corp. (MIC), the country’s sovereign wealth fund manager, signed a binding term sheet to provide a $76.4-million bridge loan to Makilala Mining Company Inc. for the early development of the Maalinao-Caigutan-Biyog Copper-Gold Project (MCB Project) in Kalinga province.
The financing will support initial development activities, including updating Makilala Mining’s feasibility study and front-end engineering design (FEED), constructing a main access road in collaboration with the Kalinga provincial government and funding skills-based training for the Balatoc Indigenous Cultural Community.
The loan will also enable Makilala Mining to meet financial capability requirements under its Mineral Production Sharing Agreement with the Philippine government.
MIC president and chief executive Rafael Consing Jr. said the MCB Project aligns with the 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 Julito Sarmiento said the move demonstrates the government’s strong support for responsible mining in the critical metals sector.
Australian Ambassador to the Philippines HK Yu said the investment in an Australian-Filipino mining company “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,” Yu said.
MIC’s decision followed a due diligence review of the project’s technical, financial, legal, environmental, and socio-economic aspects. The loan will be disbursed in tranches, with an initial $10 million earmarked for immediate project commencement. The agreement includes provisions for MIC 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.
