Celsius Resources is pleased to announce the approval of the Mining Project Feasibility Study (“MPFS”) for the Maalinao-Caigutan-Biyog (“MCB”) Project in the Cordillera Administrative Region under its Philippine subsidiary, Makilala Mining Company, Inc. (“MMCI or “the Company”).
After a thorough evaluation of the Technical Committee, the Philippine Mines and Geoscience Bureau deemed it technically and economically feasible after consideration of the environmental, social, and fiscal requirements prescribed under the Philippine Mining Act of 19951 and its revised Implementing Rules and Regulations2.
Celsius Chairman Atty. Julito Sarmiento said: “We are thankful to the Marcos, Jr.’s Administration, through the leadership of Secretary Maria Antonia Yulo-Loyzaga of the Department of Environment and Natural Resources and the Mines and Geosciences Bureau, in creating a supportive and favourable climate for the mining companies in the Philippines while ensuring that we adhere to the national standards on responsible mining. Rest assured that we remain committed as responsible stewards of our natural resources in our quest to provide value not only to our shareholders and stakeholders but to our country and host communities as well.”
MCB COPPER-GOLD PROJECT
The MCB Copper-Gold Project (MCB) is located in the Cordillera Administrative Region in the Philippines, approximately 320km 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 313.8 million tonnes @ 0.48% copper and 0.15g/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.
An updated JORC compliant Mineral Resource Estimate was announced for the MCB Project on 12 December 2022, comprising 338 million tonnes @ 0.47% copper and 0.12 g/t gold, for total of 1.6 million tonnes of contained copper and 1.3 million ounces of gold, reported to a preferred lower cut-off grade of 0.2% copper.
A Study for the MCB Project was announced by CLA on 1 December 2021, which identified the potential for the development of a copper-gold operation with a 25-year mine life. The Study was based on an underground mining operation and processing facility to produce a saleable copper-gold concentrate.
Highlights from the Study include a Post tax NPV (8%) of US$464m and IRR of 31%, assuming a copper price of US$4.00/lb and gold price of US$1,695/oz. Initial capital expenditure is estimated to be US$253m with a payback period of approximately 2.7 years. The designed mine production is matched to a 2.28Mtpa processing plant which will treat ore with an estimated average grade of 1.14% copper and 0.54g/t gold for the first 10 years of planned production with a C14 cash costs at just US$0.73/lb copper, net of gold credits.
To read the full announcement, please click here.