MACROASIA Corp. said its mining subsidiary secured the government’s approval on the deeds of assignment for two mineral production sharing agreements (MPSAs).
The listed company said in a regulatory filing on Thursday that its subsidiary MacroAsia Mining Corp. (MMC) received an order from the Department of Environment and Natural Resources (DENR) that approved the deeds of assignment for its MPSAs.
“MPSA Nos. 22-2005-IVB and 221-2005-IVB shall now be recorded in the name of MMC,” the company said in the regulatory filing.
According to MacroAsia, the MPSAs award the exclusive rights to explore, develop, and commercially utilize nickel, chromite, iron, and other associated mineral deposits within the contract area in Palawan.
“On Dec. 1, 2005, the DENR and MacroAsia executed MPSA Nos. 220-2005-IVB and 221-2005-IVB covering the 1,113.98 and 410 hectares, respectively, situated in Brooke’s Point, Palawan,” the company said.
“On June 7, 2019, MacroAsia executed deeds of assignment in favor of its wholly-owned subsidiary, MMC, wherein MacroAsia assigned to the latter, all its rights and interests under the MPSAs as mentioned. These deeds of assignments were submitted for approval of the DENR as required by law,” it added.
On Thursday, shares of MacroAsia at the stock exchange rose 2.36% or 11 centavos to finish at P4.78 apiece. — Revin Mikhael D. Ochave