�Last June 2, 2008, CAC entered into an Operating Agreement with Batong Angono Aggregates Corporation (BAAC) whereby BAAC was granted the right to operate the CAC�s quarry in Angono, Rizal for fifteen (15) years subject to the conditions indicated in the Operating Agreement as well as the CAC�s Mineral Production Sharing Agreements (MPSAs) and Environmental Compliance Certificate (ECC). In return, BAAC shall make periodic royalty payments to the Company at a specified rate.�