Key Copper-Gold Project Bagged Mining Permit

SEATTLE (Scrap Monster): Makilala Mining Company, Inc. (MMCI) - the Philippines subsidiary of Australia-based Celsius Resources announced that it has bagged mining permit for its flagship Maalinao-Caigutan-Biyog (MCB) copper-gold mining project. The MCB project is located in the Cordillera Administrative Region.

This is the first mining project approved in the country in nearly 15 years, said the statement issued by the Philippine International Trade Center (PTIC).

The Mineral Production Sharing Agreement (MPSA) was issued by the Department of Environment and Natural Resources on 15th March, 2024. It grants exclusive rights to explore, develop, and commercially produce copper and associated minerals within a designated 2,500-hectare contract area. It is valid for a period of 25 years, with an option to extend it for another 25 years.

Peter Hume, Managing Director, Celsius Resources noted that the granting of the mining permit to MCB signifies its transition from an exploration company to a mineral resource developer and, ultimately, a mine operator. Having obtained the MPSA, the company will nor finalize the funding options of the project. The company has been successful in attracting significant interest from potential investors, he added.

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