Celsius Resources’ subsidiary Makilala Mining Company has secured an MPSA from the Philippine Government for its MCB mining project.
This is said to be the first copper project approved in the Philippines in the past 15 years.
The MPSA, authorised by the Philippine Department of Environment and Natural Resources, provides exclusive rights for exploration, development and production of copper and associated minerals in an area spanning around 2,500 hectares.
It is valid for 25 years with an option to renew for another 25 years.
The approval aligns with the objectives of the Philippine Mining Act of 1995, aiming to enhance the national economy through the responsible development and utilisation of mineral resources.
Under the MPSA, Makilala Mining has been tasked with the sustainable development and commercial utilisation of minerals within the designated area.
It is responsible for providing all necessary services, technology and financing in accordance with the agreement's provisions.
The initial term of the agreement is six months from the date of grant, during which Makilala Mining must submit additional proof of financial capability and a certification precondition from the National Commission on Indigenous Peoples.
Upon fulfilling these requirements, the term will extend to 25 years from the date of grant, with the possibility of a subsequent renewal for another 25 years.
Celsius managing director Peter Hume said: “The grant of the MCB mining permit marks the progression of Celsius from being known as an exploration company to a mineral resource developer, and eventually a mine operator.
“Over the last 18 months, the company has been interfacing with potential investors who have shown resounding interest in the MCB Project but have been also waiting for the issuance of the mining permit. With this now in hand, the company will proceed with finalising funding options for the project.
“The in-country team has commenced planning for the next exciting phase in the development of the project. We wish to thank shareholders for their patience, trust and continued support.”
MCB is a copper-gold project in the Cordillera Administrative Region in the Philippines, about 320km north of Manila.
Last year, Celsius Resources’ Makilala Mining secured an exploration permit for its Botilao Porphyry copper-gold prospect in the Philippines.
