MCB Project receives DMPF approval
28 September 2023 Announcement
- Philippine Mines and Geosciences Bureau has issued the approval of the Declaration of Mining Project Feasibility as the last step in the permitting process towards the achievement of the MCB Project’s mining permit.
Celsius Resources (ASX, AIM: CLA) is pleased to announce that its Philippine subsidiary, Makilala Mining Company, Inc. (“MMCI or the “Company”), has received approval of the Declaration of Mining Project Feasibility (“DMPF”) for our flagship MCB Project.
The DMPF is the written notice submitted by MMCI to the Philippine Mines and Geosciences Bureau proclaiming the feasibility of commercial utilisation of the minerals in the tenement area by internationally accepted sound mining practices, socially acceptable, environmentally safe, and economically sound methods as specified in the Mining Project Feasibility Study and supported by other requirements as prescribed in the Implementing Rules and Regulations of the Philippine Mining Act1
In support of the DMPF application, Celsius has amongst other requirements, received the approval of the MCB Project’s Mining Project Feasibility Study, Environmental Compliance Certificate, Environmental Protection and Enhancement Program, Final Mine Rehabilitation Plan, Social Development and Management Program, and Care and Maintenance Program. (See CLA Announcements dated 3 January, 31 May, 18 July, and 15 August 2023).
The issuance of the DMPF enables the Company to move forward with obtaining a Mineral Production Sharing Agreement (“MPSA”) with the Philippine Government which would allow the Company to develop and operate the MCB Project. The MPSA application has been submitted and the Company envisages receiving the MPSA within the coming weeks.
Celsius Executive Chairman Atty. Julito R. Sarmiento, said:
“This is one of the key final milestones in the MCB Project permitting process. Following the approval, we are anticipating the mining permit to be delivered within a short period of time. With investors now showing genuine interest, we are hopeful to move the MCB Project forward to development and operations so that we can create value for shareholders and provide positive impacts for our project stakeholders.”
1 See Section 30 of the Consolidated Department of Environment and Natural Resources Administrative Order No. 2021 -10, or the Revised Implementing Rules and Regulations or RA 7942, otherwise known as the Philippine Mining Act of 1995.