MRC Allied sells 60% stake in Surigao mine

Posted at 10/01/12 12:53 PM

MANILA, Philippines - Publicly listed MRC Allied Inc. on Monday said it has sold 60% of its shareholdings in MRC Surigao Mines Inc.
MRC Allied told the stock exchange it concluded the deal to sell 40% in MRC Surigao to Singaporean company Mining and Mineral Investment Holdings Pte. Ltd.

The company also sold 20% of its shares in MRC Surgiao to a Philippine national, who was not named.

MRC Allied, a holding firm owned by a group including businessman Benjamin Bitanga and Lucio Tan Jr., took over the 3,718.41-hectare gold and copper mining project in Marihatag, Surigao del Sur last year. The deal was valued at around P310 million.

MRC Allied had also acquired an 8,000 hectare tenement located in Kiblawan, Davao Del Sur, which is adjacent to the $5.2 Billion Tampakan Copper-Gold Project.