Ann: MCB Project Feasibility Study Approval, page-83

The MSPA will not ignite anything, if others are anything to go by some got there MSPA decades ago and are still trying to get their mine up even the grades and resources are better than MCB. Not sure why CLA got an MSPA and gave away 60% of the project when the capex for the project is $250m + and a project over $50 m qualifies for an FTAA which is a JV with the government. You still own and control the mine Oceana Gold operates under one of those FTAA Financial and technical assistance agreement. The Mining Act authorizes the President to execute and approve on behalf of the government FTAAs to be entered into with qualified entities for large-scale exploration, development and commercial .mining.
CLA handed over the 60% to Sodor and i dont think any money has changed hands yet only a commitment to invest $43 million at some time later.
MMCI will be the owner and holder of the mining rights, interests, and licenses, particularly the MPSA as a 60:40 company with 40% ownership by CLA and 60% owned by Sodor, Inc. MMCI is Makilala Mining a Philippine registered company owned by CLA. Was i should say.
They encourage foreign companies to come to the Philippines and explore the mineral potential by granting 100% owned mining tenements and on which the foreign entities have to expend 100% of the commitments and then if they find something take it through to an application to mine and be reduced to a 40% minority holding at that stage.
Has been very little done for a long time now on CLA assets dont forget the clock never stops ticking on all the commitments. One thing you can be sure of is the very large team they have will be collecting their pays and depleting the cash which when exhausted will leave CLA very vulnerable.