Proactive Investors - Celsius Resources Ltd (LON:CLAC) has secured the first Certification Precondition for a copper-gold project in the Philippines in five years, clearing an important regulatory hurdle for the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project.
The Certification Precondition confirms that CLA obtained the free, prior and informed consent (FPIC) of the Balatoc Indigenous Cultural Community (ICC) for the MCB Project.
This milestone marks the culmination of a more than three-year process that involved extensive stakeholder engagement resulting in a memorandum of agreement signed by CLA’s affiliate Makilala Mining Company, Inc. (MMCI), the Balatoc ICC and the Philippine National Commission on Indigenous Peoples (NCIP).
Necessary for social licence
“This is arguably one of the most stringent approval milestones for a new project to achieve,” Celsius Resources executive chair 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 ICC throughout the FPIC process as an integral part of obtaining and strengthening our social licence.
“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, but also a milestone for the Balatoc ICC as our partner in the development and operation of the MCB Project.”
The only remaining requirements for CLA’s MCB Project are to submit proof of financial capability to carry out the necessary work programs, now that the Certification Precondition is in hand.
With this final hurdle passed, the company is free to finalise arrangements with interested Philippine and international investors for MCB’s funding and development.