MCB PROJECT FEASIBILITY STUDY APPROVAL
HIGHLIGHTS
• Philippine Mines and Geosciences Bureau approves the MCB Project’s Mining Project Feasibility Study as technically and economically feasible based on provisions of the Philippine Mining Act of 1995.
• Following this approval is the anticipated issuance of the MCB Project’s Declaration of Mining Project Feasibility and consequently, the Mineral Production Sharing Agreement.
Celsius Resources Limited (“Celsius”) is pleased to announce the approval of the Mining Project Feasibility Study (“MPFS”) for the Maalinao-Caigutan-Biyog (“MCB”) Project in the Cordillera Administrative Region under its Philippine subsidiary, Makilala Mining Company, Inc. (“MMCI or “the Company”).
After a thorough evaluation of the Technical Committee, the Philippine Mines and Geoscience Bureau deemed it technically and economically feasible after consideration of the environmental, social, and fiscal requirements prescribed under the Philippine Mining Act of 19951 and its revised Implementing Rules and Regulations2.
Celsius Chairman Atty. Julito Sarmiento said:
“We are thankful to the Marcos, Jr.’s Administration, through the leadership of Secretary Maria Antonia Yulo-Loyzaga of the Department of Environment and Natural Resources and the Mines and Geosciences Bureau, in creating a supportive and favourable climate for the mining companies in the Philippines while ensuring that we adhere to the national standards on responsible mining. Rest assured that we remain committed as responsible stewards of our natural resources in our quest to provide value not only to our shareholders and stakeholders but to our country and host communities as well.”
The MPFS was reviewed against the submitted technical, social, and environmental plans and programs to support the application for the Declaration of Mining Project Feasibility (DMPF), as follows:
Following the approvals of all submitted documents, the issuance of the MCB Project’s DMPF is anticipated in the coming weeks and subsequently, the approval of the mining permit, the Mineral Production Sharing Agreement (MPSA).
To read the full announcement, click here.