News & Updates

• The Philippine Department of Environment and Natural Resources has approved MCB’s mining permit on 15 March 2024, valid for 25 years and  renewable for another 25 years.
• The permit grants the Company exclusive rights to undertake rational exploration, development, and commercial production of copper and  associated minerals.
• The issuance of the mining permit will enable the Company to undertake the necessary work streams to proceed with MCB mine development.

Celsius Resources Limited (“CLA”, “Celsius” or the “Company”) (ASX, AIM: CLA) is pleased to announce that its Philippine subsidiary, Makilala Mining Company, Inc. (“MMCI or the “Contractor”), has obtained a Mineral Production Sharing Agreement (“MPSA” or the “Agreement”) with the Philippine Government for its flagship Maalinao-Caigutan-Biyog Mining Project (“MCB” or the “Project”).

The issuance of the MPSA, which is the first copper project to be approved in the Philippines in the last fifteen years, grants MMCI the exclusive right to undertake rational exploration, development, and commercial production of copper and associated minerals within the Contract Area covering approximately 2,500 hectares for a period of 25 years and is renewable for another 25 years.

Celsius Executive Chairman Atty. Julito R. Sarmiento, said:

“The issuance of the mining permit has been much awaited by Celsius 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.

We are grateful to the Philippine Government under the bold leadership of His Excellency President Ferdinand R. Marcos, Jr. and to the Department of Environment and Natural Resources under the visionary stewardship of Secretary Maria Antonia Yulo-Loyzaga for supporting the MCB 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. With strong Government support, we are confident that we can make this happen.”

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. 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.

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.

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.”

Read the full article here.