Lepanto Consolidated Mining Company (Lepanto) and Far Southeast Gold Resources, Inc. (FSGRI) Execute a Memorandum of Agreement with the Indigenous Peoples of the Mankayan Ancestral Domain for the Renewal of MPSA 001-90-CAR (MPSA 001) 

Lepanto and subsidiary FSGRI executed today a Memorandum of Agreement (MOA) with the Indigenous Cultural Communities/Indigenous Peoples of Mankayan Ancestral Domain (Host ICCs/IPs), signifying the granting to Lepanto and FSGRI of the Free and Prior Informed Consent (FPIC) by the Host ICCs/IPs for the renewal of MPSA 001. The MOA shall be effective upon the issuance of a Certification Precondition by the National Commission on Indigenous Peoples (NCIP) in favor of such MPSA renewal. 

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In consideration of the goodwill enjoyed by the parties based on a long-standing mutually beneficial relationship, the anticipated length of the development phase of the Far Southeast Project, and the desire of the Host ICCs/IPs to maximize benefits from the operations of Lepanto and FSGRI, the MOA will have a term of 25 years. 

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The MOA provides, among others, for the payment, in accordance with law, of a monthly royalty to the Host ICCs/IPs equivalent to 1% gross output; and a one-time payment for projects to the Host ICCs/IPs amounting to PhP110 million, including the construction of an IP building;

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The MOA will be submitted to the NCIP for approval, which approval will be in the form of a Certification Precondition that in turn will be submitted to the MGB for the renewal of MPSA 001.

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​The MOA was signed on Lepanto’s behalf by Knestor Jose Y. Godino, VP-HR, Training and Administration; and Charisma S. Pascua, Finance Group Manager. FSGRI was represented by VP Pablo T. Ayson Jr. and Asst. Corporate Secretary Odette A. Javier. The Host ICCs/IPs were represented by Chief Spokespersons Cesar R. Pasiwen, incumbent Municipal Mayor of Mankayan, Benguet, and the former Mayor, Frenzel Ayong, together with duly elected elders/leaders of the  barangays of Mankayan.  The MOA execution was witnessed by other LGU officials of Mankayan, plus the NCIP- FPIC team led by Engr. Allan Allatis and MGB –CAR officials led by Engr. Virginia Briones.