(Sharecast News) - Celsius Resources announced on Monday that its Philippine subsidiary, Tambuli Mining Company (TMCI), had made a significant step forward by applying for a declaration of mining project feasibility (DMPF) for its Sagay Copper-Gold Project on the island of Negros.
The AIM-traded firm said the application signified the presence of valuable minerals within the designated area, underscoring the company's commitment to recover the resources using socially responsible, environmentally sustainable, and economically viable methods.
It said the application encompassed a comprehensive set of key documents, including the mining project feasibility study report, the final exploration report, the environmental impact statement report, the environmental protection and enhancement programme, the final mine rehabilitation and decommissioning plan, the social development and management programme, and the care and maintenance programme.
The board said the plans and programmes were developed after extensive consultation with stakeholders, ensuring the integration of social and environmental safeguards while considering the local context.
Notably, the project had garnered endorsements from local government units within the host area in the form of resolutions that expressed no objection to its implementation.
"This is another achievement for Celsius' portfolio of assets in the Philippines," said executive chairman Julito 'Sarge' Sarmiento.
"As with the Maalinao-Caigutan-Biyog Copper-Gold project, we aim to develop the Sagay Project into a productive mine that would not only bring value to our stakeholders and shareholders but also showcase our commitment to sustainable and responsible mining practices.
"We are at such a critical and pivotal point in human history where the ongoing climate change emergency demands an accelerated transition away from fossil fuels to renewable energy, and a green economy would necessitate the extraction of more so-called green metals like copper."
Sarmiento said the company believed that mineral extraction must be done through innovative solutions, optimising benefits and avoiding adverse social and environmental impacts.
"We will work closely with the national and local government units as development partners to pursue shared goals."
At 1111 GMT, shares in Celsius Resources were up 3.6% at 0.65p.
Reporting by Josh White for Sharecast.com.
Celsius Res (CLA)