Celsius Resources granted major permit; paves way for copper development
Melbourne, Victoria
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March 19, 2024 11:15 AM Eastern Daylight Time
In what is perhaps the company’s biggest milestone to date, Celsius Resources Ltd (ASX:CLA) managing director Peter Hume sits down with Proactive’s Jonathan Jackson to discuss the importance of its Philippine subsidiary, Makilala Mining Company, Inc. (MMCI), being granted a Mineral Production Sharing Agreement (MPSA) for the Maalinao-Caigutan-Biyog Mining Project (MCB).
Issued by the Philippine Department of Environment and Natural Resources on March 14, 2024, this permit is valid for 25 years and renewable for another 25 and represents a pivotal step for Celsius in transitioning from an exploration entity to a mineral resource developer and future mine operator.
The MPSA, the first copper project approval in the Philippines in the last 15 years, endows MMCI with exclusive rights for the exploration, development, and production of copper and associated minerals within the 2,500-hectare contract area. This development catalyses the MCB project's progression towards operational status.
Hume lauded the achievement as a testament to the diligence of the in-country team and a critical juncture in the company’s evolution. Granting of the permit is expected to stimulate financial investments, with Celsius already engaging with potential backers. With the permit secured, Celsius is set to finalise funding mechanisms, advancing the MCB project into its next developmental phase.
Contact Details
Proactive Investors
Jonathan Jackson
+61 413 713 744
