Celsius Resources receives certification for copper-gold project
Stockhead | September 5, 2024 6:40AM
Celsius Resources has crossed a major milestone for its flagship MCB copper-gold project in the Philippines.
- Celsius secures key Certification Precondition for its flagship MCB copper-gold project
- The FPIC “Certification Precondition” is a very stringent and final milestone required for the project to move forward
- Celsius can now move to execute project funding arrangements for the MCB project.
Celsius Resources is now clear to execute financial arrangements for its MCB copper-gold project. Pic via Getty Images.
Special Report: Celsius Resources has crossed a major milestone for its flagship MCB project in the Philippines with the receipt of a Certification Precondition – the first to be issued for a copper-gold project in the past five years.
“This is arguably one of the most stringent approval milestones for a new project to achieve,” executive chairman Atty. Julito R. Sarmiento said.
“It has always been the company’s commitment to observance and respect for the customary laws and practices of the Balatoc Indigenous Cultural Community (ICC) throughout the FPIC process as an integral part of obtaining and strengthening our social license.
“We are grateful that the NCIP En Banc recognised the value and contribution of the MCB project to improve the lives of the Balatoc ICC.
“The issuance of the Certification Precondition is not only an achievement for the company, it is also a milestone for the Balatoc ICC as our partner in the development and operation of the MCB project.”
With the issue of the Certificate Precondition, one of the key compliance requirements under the Mineral Production Sharing Agreement with the Philippine Government, the only remaining requirement is to submit additional proof of financial capability to carry out the necessary work programs.
It allows management to execute project funding arrangements for the MCB project.
Understandably, financing for mining projects around the world has faced immense challenges for mining companies due to the strong opposition and lack of social acceptability from local stakeholders, especially from host indigenous cultural communities.
What sets the MCB Project apart is the strong relationship of mutual respect and shared responsibility of the Company with the Balatoc ICC forged for over 18 years from the very beginning of its exploration in 2006.
Given its strong social license for its MCB Project, the Company is able to provide comfort to assure its potential investors and funders of a sustainable partnership and stable environment with its local stakeholders for such mining investment.
Free Prior and Informed Consent (FPIC)
The issuance of the Certification Precondition from the Philippine National Commission on Indigenous Peoples (NCIP) certifies that the MCB Project has obtained the Free, Prior and Informed Consent (FPIC) of the Balatoc Indigenous Cultural Community (ICC) which is a critical step in the project’s legal framework.
It is not only crucial for completing the project’s legal prerequisites but also an indicator that the project adheres to ethical standards regarding the rights and welfare of indigenous peoples positioning the MCB Project as a responsible and sustainable investment.
In essence, obtaining the CP not only opens the door for executing project funding arrangements but also ensures that investment is aligned with the local legal requirements and community expectations, thereby laying a solid foundation for the project’s financial and operational success.
This represents the culmination of a three-year process which entailed extensive stakeholder engagement resulting in a memorandum of agreement signed by and between its Philippines affiliate Makilala Mining Company (MMCI), the Balatoc ICC, and NCIP stipulating the benefits, commitments, and obligations of all parties during the life of the MCB mine.
The 2,500-hectare MCB mining tenement is 320km north of the Philippines capital Manila, and is the subject of a mining permit issued in March this year which grants MMCI exclusive rights to carry out exploration, development and commercial production for 25 years, with a renewal option for another quarter century.
MCB is a classic porphyry-style copper-gold deposit with a high-grade, sub-vertical core that represents about 28% of the total resource, which stands at 338Mt grading 0.47% copper and 0.12g/t gold (1.6Mt of contained copper and about 1.3Moz contained gold).
This article was developed in collaboration with Celsius Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
Source: Gold Coast Bulletin
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