DMCI Mining Corporation signed memorandum of agreement to acquire 44% of Palawan Properties from MBMI Resources, Inc. (TSXV:MBR) and others for $13.2 million on September 21, 2012. Post completion of the transaction, MBMI Resources will hold 40% of the property whereas DMCI Mining Corporation will hold 16% of the property. In the agreement, DMCI Mining Corporation has also agreed that when the agreement is effective, it will make a payment of approximately $0.12 million that will be directed towards settling capital gains taxes, documentary stamp taxes, and outstanding legal fees owing in respect of the Philippines operations, as well as provide a deposit of $0.02 million. The balance of the consideration is payable upon receipt of favorable court decisions. Also certain liabilities relating to the property would be settled from the consideration at the time it is paid. The transaction is subject to approval by TSX Venture exchange and approval by shareholders. The deal has been approved by Board of Directors of MBMI.

On October 5, 2012, the transaction was given conditional approval by the exchange. DMCI Mining Corporation signed an agreement to acquire 44% of Palawan Properties from MBMI Resources, Inc. (TSXV:MBR) and others on November 2, 2012.

DMCI Mining Corporation completed the acquisition of 44% of Palawan Properties from MBMI Resources, Inc. (TSXV:MBR) and others on April 4, 2014.