Celsius Resources secures key mining permit for MCB project, eyes sustainable development
London, UK
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March 18, 2024 06:55 AM Eastern Daylight Time
Celsius Resources Ltd (ASX:CLA, AIM:CLA) managing director Peter Hume tells Proactive's Stephen Gunnion the company has achieved a significant milestone by being granted a mining permit for the MCB project, marking a pivotal transition from exploration to mineral resource development.
This permit, valid for 25 years and renewable for a further 25, encompasses extensive exploration and development rights within the project area. The MCB project is located in the Philippines and is known for its high-grade copper porphyry, boasting an estimated resource of 300 million tonnes at an average grade of over 1% copper, alongside gold, for the first ten years of mining.
The project is set to implement sustainable mining practices, including a paste and hydraulic backfill and dry stacking methodology, due to its lack of acid mine drainage. The permit also delineates responsibilities for sustainable development and environmental, social, and governance (ESG) aspects.
Following the permit's issuance, Hume said Celsius Resources will focus on compliance activities, securing financing from interested parties previously awaiting permit approval, and proceeding with detailed project planning and further permitting for construction activities.
Hume also discussed the promising outlook for copper prices, influenced by global environmental initiatives, forecasting a price range between $13,000 to $15,000 per tonne, though with a cautious perspective on the upper limits of market predictions.
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