(Sharecast News) - Celsius Resources updated the market on its its flagship Maalinao-Caigutan-Biyog (MCB) mining project on Monday, reporting that the Philippine Department of Environment and Natural Resources granted its subsidiary Makilala Mining Company (MMCI) a mineral production sharing agreement (MPSA) on 15 March.
The AIM-traded firm said the MPSA gave exclusive rights to MMCI to conduct rational exploration, development, and commercial production of copper and associated minerals within the designated contract area.
Spanning 2,500 hectares, the permit would be valid for 25 years, with the option for renewal for an additional 25 years.
The company said the approval was significant as it marked the first copper project to receive authorisation in the Philippines for 15 years.
Celsius Resources said it could now progress with the necessary work streams for developing the MCB mine.
"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," said managing director Peter Hume.
"Credit goes out to our hard working in-country team who strived to get the project up to this stage in such a short timeframe amidst all the challenges.
"Over the last 18 months, the company has been interfacing with potential investors who have shown resounding interest in the MCB project but have been also waiting for the issuance of the mining permit."
Hume said with that now in hand, Celsius would proceed with finalising funding options for the project.
"The in-country team has commenced planning for the next exciting phase in the development of the project."
At 0813 GMT, shares in Celsius Resources were up 6.67% at 0.8p.
Reporting by Josh White for Sharecast.com.
Celsius Res (CLA)