"Maharlika-funded Aussie mining project in Kalinga eyes Q2 construction" 23 February 2026

Makilala Mining Co. Inc. (MMCI) is looking to begin construction of its copper-gold mine in Kalinga in the second quarter of 2026 after securing a P4.4 billion loan from the national government and completing its feasibility study.

MMCI Country Operations Director Peter Hume said the company is now gearing up to begin construction of the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project, pending the necessary funding...

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The feasibility study, completed in January this year, was funded by the government’s Maharlika Investment Corporation (MIC), which granted the company a P4.425 billion loan in February 2025 to move the project forward despite disapproval from the local clergy.

Caritas Philippines, the social action arm of the Catholic Bishops’ Conference of the Philippines (CBCP), criticized the MIC’s funding of the mining project in Kalinga province in an official statement.

Caritas National President and Kidapawan Bishop Jose Colin Bagaforo said the MIC’s decision “betrays the Filipino people’s trust.”

In the statement, Bagaforo criticized the alleged “misuse” of government funds for projects linked to displacement, deforestation, and human rights abuses instead of development and sustainability, citing concerns over the displacement of indigenous communities, waterway pollution, and community harm.

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MMCI was acquired by Celsius Resources, Ltd., a Perth-based company listed on both the Australian Securities Exchange and the London Stock Exchange in 2020.

Celsius only acquired the required 60% Filipino ownership in March 2023 through a deal with Sodor Inc., a requirement to apply for a mineral production sharing agreement (MPSA) with the Philippine government for the MCB project...

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