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13/06/2024
Mining News

Celsius Resources’ Makilala Mining secures Mineral Production Sharing Agreement (MPSA) for copper project in the Philippines

Makilala Mining, a subsidiary of Celsius Resources, has obtained a Mineral Production Sharing Agreement (MPSA) from the Philippine Government for its MCB mining project. This marks the first approval for a copper project in the country in the past 15 years.”

“The MPSA, granted by the Philippine Department of Environment and Natural Resources, grants exclusive rights for exploration, development, and production of copper and associated minerals across approximately 2,500 hectares. It is valid for 25 years, with an option for a 25-year renewal.”

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“The approval aligns with the objectives of the Philippine Mining Act of 1995, focusing on responsible mineral resource development to enhance the national economy.”

“Under the MPSA, Makilala Mining is tasked with sustainable development and commercial utilization of minerals within the designated area, providing necessary services, technology, and financing.”

“The initial term of the agreement is six months, during which Makilala Mining must demonstrate financial capability and obtain certification from the National Commission on Indigenous Peoples. Upon meeting these requirements, the term extends to 25 years, with the potential for a further 25-year renewal.”

“Celsius Managing Director Peter Hume commented, ‘The grant of the MCB mining permit signifies Celsius’ transition from an exploration company to a mineral resource developer and eventual mine operator. With the permit secured, the company will proceed with finalizing funding options for the project.'”

“The MCB project, located in the Cordillera Administrative Region of the Philippines, is approximately 320km north of Manila. Last year, Makilala Mining secured an exploration permit for its Botilao Porphyry copper-gold prospect in the Philippines.

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