Mining and Minerals Industries to buy majority stake in Philippines copper-gold project

SINGAPORE – Mining and Minerals Industries Holding (MMIH), which is eyeing a reverse takeover (RTO) of Singapore-listed China Hongxing Sports, on Tuesday (Oct 8) said it has entered into a conditional agreement to acquire an 80 per cent stake in a copper-gold project in the Philippines for some $18.62 million.

MMIH is in the process of selling certain mining assets in the Philippines, including this Mankayan copper-gold project on Luzon Island, to mainboard-listed China Hongxing. If successfully completed, this would constitute an RTO of the sporting goods company – a move which could make gold mining the core business of China Hongxing instead.

The estimated consideration of $18.62 million payable by MMIH to Bezant Resources Plc consists of up to S$3.12 million to finance the Mankayan project, further funding of up to S$5.5 million to conduct a feasibility study, and the issuance of $10 million of shares in the listed company following the successful RTO of China Hongxing, MMIH said.

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