Celsius Resources Limited’s (ASX:CLA) Philippine subsidiary, Makilala Mining Company Inc. (MMCI) has received priority project status for the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project from the Philippine Mines and Geosciences Bureau (MGB) Director.
This followed the presentation by MMCI’s management and technical staff of the outcomes of the scoping study completed in December 202 as part of the declaration of mine feasibility permitting process.
The MGB Officials were pleased with the progress of the project and appreciative of the social and environmental factors integrated into the mine design.
The use of paste backfill underground, along with dry stacking of the mine tailings replacing the need for a tailings dam, greatly mitigated the downstream agricultural communities’ concerns as they had witnessed adverse environmental impacts back when the adjacent Batong Buhay Mine was in operations.
The MGB officials also commended MMCI Team for their determination to move the project forward despite the most challenging conditions brought about by the COVID-19 pandemic and expressed their support to see the project through to operations.
Mines and Geosciences Bureau (MGB) Director Atty. Wilfredo G. Moncano stated at the conclusion of the presentation: “This project has significant potential, we will endorse it as a priority project to fast-track government approvals.”
Several activities are currently underway to support the application for the Declaration of Mine Project Feasibility and Mineral Production Sharing Agreement (MPSA) as the project proceeds through the various approval phases.
The MCB Copper-Gold Project (MCB) is located in the Cordillera Administrative Region in the Philippines, approximately 320 kilometres north of Manila. It is the flagship project within the Makilala portfolio which also contains other key prospects in the pipeline for permit renewal/extension.
A maiden JORC compliant Mineral Resource Estimate was declared for the MCB Project in January 2021, comprising 314 million tonnes @ 0.48% copper and 0.15 g/t gold, for 1.5 million tonnes of contained copper and 1.47 million ounces of gold, of which 290.3 million tonnes @ 0.48% copper and 0.15 g/t gold is classified as Indicated and 23.5 million tonnes @ 0.48% copper and 0.10 g/t gold is classified as Inferred.
A Scoping Study for the MCB Project was announced by CLA on December 1, 2021, which identified a post tax NPV8 of US$464M, IRR 33% and Capex of US$253M with a 25-year mine life. The scoping study was based on an underground sub level stoping operation of the high-grade core of 49 million tonnes @ 0.85% copper and 0.41 g/t gold and processing facility to produce a saleable copper-gold concentrate.
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