Celsius (ASX:CLA) secures MCB mining rights in the Philippines

Celsius (ASX:CLA) secures MCB mining rights in the Philippines

March 18, 2024 Off By Jack Baker

Celsius Resources has been granted a mine permit for Maalinao-Caigutan-Biyog, securing exclusive exploration, development, and production rights over the world-class copper asset in the northern Philippines for up to half a century.

It marks the first Philippines-approved copper project in the last 15 years, it is valid for 25 years, renewable for the same length, and allows Celsius to proceed with MCB mine development.

The project holds a global mineral resource containing 1.6 million tonnes of contained copper and 1.3 million ounces of gold with a high-grade 92.7Mt core.

Celsius Resources Executive Chairman Atty. Julito R. Sarmiento said the permit had been much awaited by both itself and the Balatoc community.

“Now is our chance to deliver on our firm commitment to work with the government and the local communities to develop the MCB project in a sustainable manner that creates value not only for our shareholders but also for our communities,” he said.

Sarmiento added that the company was grateful to the Philippines government for supporting the project.

“We are seriously taking the government’s call for the project to go beyond compliance by striking a balance between keeping the business viable, protecting and rehabilitating the environment, uplifting local communities, and supporting the government’s socio-economic agenda,” he said.

“With strong government support, we are confident that we can make this happen.”

Celsius Managing Director Peter Hume noted the grant marks the company’s progression from being known as an explorer to a mineral resource developer, and eventually a mine operator.

“Credit goes out to our hard working in-country team who strived to get the project up to this stage in such a short timeframe amidst all the challenges,” Hume said.

“Over the last eighteen 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.”

He added that the in-country team has begun planning for the next exciting phase of development and wished to thank shareholders for their patience, trust, and continued support.

Celsius has other assets in the Pearl of the Orient Seas, and a deepening relationship with the Philippines government likely bodes well for its Sagay copper project boasting a large, upgraded resource in the Island of Negros.

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