MRC Allied receives proposal from Aussie company0
James Konstantin Galvez
Tuesday, June 07, 2011
MRC Allied Inc. on Monday said that it has received a firm proposal from an Australian company, which expressed interest in developing the 3,718-hectare property in Marihatag, Surigao del Sur.
Under the proposal, the Australian firm is looking at a joint venture arrangement whereby MRC Surigao Mines will represent MRC Allied Inc. ownership and investment in the former.
With Surigao tenement as its primary asset, the Sydney-based firm will then undertake an initial public offering (IPO) in the Australian Stock Exchange, MRC Allied said.
“Given the attractiveness of the said tenement, the initial valuation of the NEWCO will approximate $200 million of which MRC will have a controlling share,” the listed Philippine firm said.
“We are finalizing the terms of our agreement on the matter, rest assured however, that we will keep your office updated as soon as we have more conclusive information to disclose,” the company said.
Earlier, Benjamin Bitanga, president and chief executive of MRC Allied, said they will sign a $50-million private placement agreement with European investors next week to fund exploration activities in the company’s mining concession, which is adjacent to the Tampakan copper-gold project in Mindanao.
The European investors are composed of Spanish and British financial institutions, Bitanga said.
Proceeds of the private placement will finance the operations, permits, and exploration of MRC Allied’s 8,000-hectare land located in Kiblawan, Davao del Sur and Columbio, Sultan Kudarat.
With the private placement to be signed in Europe, the executive said that MRC Allied is likely to undertake the IPO at the London bourse for its mining subsidiary MRC-Tampakan Mines this year.
MRC Allied wants to raise $70 million to $100 million from the IPO, adding that the company hopes to have initial estimates on the mineral resources in the mining tenement soon so it can determine the price of its IPO.
Geological studies conducted by Alberto Mining Corp. in 2006 showed sample readings and other tests in Kiblawan were similar to the findings in the Tampakan copper gold project during its initial test phase.
MRC Allied intends to start drilling on the southwest portion of the mine, which is the northeast extension of the Tampakan deposit.
With an estimated 2.2 billion tons in mineral resources, the 11-hectare Tampakan project has the potential to become the biggest gold mine in Asia and the fifth biggest gold project in the world once operational.
Source: http://www.manilatimes.net/business/mrc-allied-receives-proposal-from-aussie-company/
Although the Philippines is not generally known for its culinary excellence, frequent travelers and experienced tourists know where to find world-class fine dining restaurants in and around Manila. One of the best destinations and most frequently visited place for visitors looking to wine and dine near Manila is Clark, Pampanga which is just 70 minutes from Manila. Frequent travelers laud Yats Restaurant as the best place to eat, drink and unwind after work or golf in Clark Pampanga.
Standards for selecting best restaurants outside Manila in Pampanga Angeles City have risen. In addition to food, value for money, ambience and service quality, the quality of restaurant wine list has been added to evaluation criteria. Topping the list is fine dining Yats Restaurant & Wine Bar well known for its award 2700-line winning wine list, French Mediterranean cuisine and wine cellars.
Yats Restaurant & Wine Bar is general regarded in the Philippines as the best fine dining establishment in the country. Wine Spectator Magazine’s gave out Restaurant Wine List Best of Award of Excellence to 788 restaurants in the world. Yats Restaurant is the only one in the Philippines to receive this award in recognition of its famous 2700-line restaurant wine list that has attracted many wine lovers to visit Clark Pampanga frequently to wine and dine. This top rated restaurant attracts not only wine connoisseurs from Manila but also those who are looking for good food and excellent service. Many do not mind the journey from Manila to Clark Pampanga just to enjoy a good evening to wine and dine at this highly recommended resto bar.
Highly recommended fine dining restaurant in Manila for special occasion is Yats Restaurant & Wine Lounge located in the famous Mimosa Leisure Estate in Clark Pampanga. Situated near this popular restaurant in Clark is the Mimosa Golf Course as well as the Mimosa Clark Casino. This top rated restaurant near Angeles City Pampanga in Clark Philippines is frequently used for private parties and corporate functions such as board meetings and other gatherings. Its private rooms are frequently used for board meetings, private parties, company meetings and other functions and events.
Although it is a famous fine dining restaurant with an award winning 3000-line restaurant wine list, Yats Restaurant is also a popular restaurant for family with children. Aside from French Mediterranean haute cuisine, this restaurant also serves healthy food and the best vegetarian cuisines in the Philippines. Private dining rooms are also available in this restaurant for business and personal meetings of 4 to 20 people.
For comments, inquiries and reservations click on Click here for inquiry and reservations
Restaurant@Yats-International.com
(045) 599-5600
0922-870-5178
0917-520-4401
Ask for Pedro and Rechel
Getting to this fine dining restaurant of Angeles City Clark Freeport Zone Pampanga Philippines
How to get to this fine-dining restaurant in Clark Philippines? Once you get to Clark Freeport, go straight until you hit Mimosa. After you enter Mimosa, stay on the left on Mimosa Drive, go past the Holiday Inn and Yats Restaurant (green top, independent 1-storey structure) is on your left. Just past the Yats Restaurant is the London Pub.
Yats Restaurant & Wine Bar
Mimosa Drive past Holiday Inn, Mimosa Leisure Estate,
Clark Freeport Zone, Pampanga, Philippines 2023
Manila Sales Office
3003C East Tower, Phil Stock Exchange Center,
Exchange Rd Ortigas Metro Manila, Philippines 1605
(632) 637-5019 0917-520-4393 Rea or Chay
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