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Celsius Resources marks environmental compliance milestone for MCB Copper-Gold Project

Published 18/07/2023, 10:50 am
© Reuters.  Celsius Resources marks environmental compliance milestone for MCB Copper-Gold Project
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Celsius Resources Ltd (ASX:CLA, AIM:CLA) Philippines subsidiary, Makilala Mining Company, Inc., has received a certificate of approval for its Environmental Protection and Enhancement Program (EPEP) and Final Mine Rehabilitation and/or Decommissioning Plan (FMRDP) for the Maalinao-Caigutan Biyog (MCB) Copper-Gold Project.

“Beyond compliance”

Celsius executive chairman Julito R Sarmiento said: “We are grateful for the Philippine Government regulatory bodies in the prompt review and approval of our environmental permitting requirements.

“In turn, we reiterate our firm adherence to and commitment to go beyond compliance with environmental laws in the development of the MCB Project.”

With the certificate of approval for the EPEP-FMRDP in hand, the company moves closer to obtaining the necessary permits for mining operations.

The company remains committed to environmentally responsible practices as it continues to develop the MCB Copper-Gold Project in the Philippines.

Ticks off regulatory milestone

The approval takes care of the company's compliance with the Philippine Mining Act of 1995 and the Department of Environment and Natural Resources Administrative Order No. 2010-2.

MMCI has demonstrated its commitment to environmental protection by implementing the necessary measures even before commencing construction and mining operations.

As part of the approval, the company must establish a Contingent Liability and Rehabilitation Fund to ensure compliance with the commitments outlined in the EPEP-FMRDP.

The EPEP serves as a comprehensive environmental management plan, connecting the provisions of the Philippine Mining Act with the conditions in the Environmental Compliance Certificate issued to the MCB Project.

It includes provisions for contingency planning, emergency preparedness, environmental monitoring, and implementation costs. The FMRDP outlines mine closure scenarios and the process for restoring mine sites and affected areas to sustainable ecosystems, along with estimated implementation costs.

This approval is a significant milestone in the mine permitting process as MMCI aims to obtain a Mineral Production Sharing Agreement (MPSA) with the Philippine Government, expected by the end of August 2023.

About the MCB Copper-Gold Project

The MCB Copper-Gold Project, 320 kilometres north of Manila, is the flagship project within the Makilala portfolio.

In January 2021, it revealed a maiden mineral resource estimate of 313.8 million tonnes, containing 1.5 million tonnes of copper and 1.47 million ounces of gold.

An updated estimate in December 2022 indicated 338 million tonnes of ore with 1.6 million tonnes of copper and 1.3 million ounces of gold.

A study conducted in December 2021 highlighted the project's potential as a copper-gold operation with a 25-year mine life and reported a post-tax NPV of US$464 million and an IRR of 31%.

The MCB Project aims to develop a 2.28 million tonnes per annum processing plant, treating ore with an average grade of 1.14% copper and 0.54 g/t gold during the first decade of production. The projected C11 cash costs stand at just US$0.73/pound of copper, net of gold credits.

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