Celsius Resources, for example, is progressing through the advanced Maalinao-Caigutan-Biyog (MCB) project 320 kilometres north of Manila, which has a mineral resource estimate of 338 million tonnes (Mt), with grades of 0.47% copper (Cu) and 0.12 grams per tonne (g/t) gold (Au) defined as porphyry mineralisation.
Crucially, it also boasts a high-grade sub vertical core, representing approximately 28% of the MRE. This amounts to 49 Mt at 0.85% Cu and 0.41g/t Au – all in the indicated resource category – and is the focal point for Celsius’ optimised mine plan.
One important component in development of this project – which has progressed through a scoping study, feasibility study and metallurgical work – is support from the Philippines’ government.
This was underscored in February this year, when Celsius told investors it was set to receive a bridge loan facility worth US$76.4 million from Maharlika Investment Corporation – the Philippines’ sovereign wealth fund – to progress development work on MCB.
With strong numbers coming in from metallurgical work – which showed potential for copper recoveries of 94% and gold recovery of 79% through flotation processing – together with the granting of a 25-year mining permit, and the finalisation of the mine plan, the project is moving through to the early works stage, supported by the government’s financial support.
This work will include an update to the feasibility study and front-end engineering design, plus construction of a main access road.
Celsius’ MCB Project has strong government and community support plus it’s fully permitted and shovel ready. With the Philippines Sovereign Wealth expected to fully fund the project, this project has a clear path to near term production in 2027.
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