Perth-based Celsius Resources through its Philippine subsidiary Makilala Mining Company, Inc. (MMCI), was awarded a mining permit for its flagship Maalinao-Caigutan-Biyog (MCB) copper-gold mining project, located in the Cordillera Administrative Region, a statement from the Philippine International Trade Center (PTIC) in Sydney said.
This is the first copper project in the country in 15 years, the statement added.
PTIC said the Department of Environment and Natural Resources on March 15 awarded MMCI a Mineral Production Sharing Agreement (MPSA) granting it exclusive rights to explore, develop, and commercially produce copper and associated minerals within a designated 2,500-hectare contract area.
The MPSA also grants MMCI exclusive rights for 25 years, with a possibility of a 25-year renewal.
With the MPSA now secured, the company will finalize funding options for the MCB project
The project site, popularly known as Batong Buhay, is located within the ancestral domain of the Balatoc Tribe.
Peter Hume, Celsius managing director, was quoted by PTIC as saying the grant of the mining permit to MCB signifies the company’s transition from an exploration company to a mineral resource developer and, ultimately, a mine operator.
Celsius said over the last 18 months, it has attracted significant interest from potential investors who were awaiting the issuance of the mining permit.
Julito Sarmiento, Celsius executive chairman, was also quoted by PTIC as saying, the company has committed to the government and the local communities to develop the MCB project in a sustainable manner, exceeding mere compliance, seeking a balance between business viability, environmental protection and rehabilitation.
