Proactive Investors - Celsius Resources Ltd (LON:CLAC), the mining group, said it has received approval for a permit from the Philippine government for its flagship project.
The Philippine Department of Environment and Natural Resources approved a permit application for the Maalinao-Caigutan-Biyog Mining Project on March 15 2024.
Such a permit provides Celsius subsidiary Makilala Mining Company (MMC) exclusive rights to undertake rational exploration, development and commercial production of copper and associated minerals for the next 25 years, with an option to renew this for an additional quarter of a century.
It also allows Celsius to undertake the necessary work streams to undergo development of the mines.
MMC’s permit approval represents the first copper project to be approved by the Philippine government in the last 15 years.
Julito R. Sarmiento, Celsius’ executive chairman, said: "The issuance of the mining permit has been much awaited by Celsius and the Balatoc Community.
“Now is our chance to deliver on our firm commitment to work with the government and the local communities to develop the MCB project in a sustainable manner that creates value not only for our shareholders but also for our communities.”
Managing director Peter Hume added: “The grant of the MCB mining permit marks the progression of Celsius from being known as an exploration company to a mineral resource developer, and eventually a mine operator.
“The in-country team has commenced planning for the next exciting phase in the development of the Project. We wish to thank shareholders for their patience, trust, and continued support."