PERTH (miningweekly.com) – The Philippine government has awarded junior Celsius Resources’ subsidiary Makilala Mining Company (MMCI) priority project status for the Maalinao-Caigutan-Biyog (MCB) copper/gold project.
A scoping study previously estimated that the project would require a capital investment of $253-million to develop a 2.28-million-tonne-a-year operation, delivering 16 000 t/y of copper and 19 000 oz/y of gold over a 25-year mine life.
The scoping study estimated a post-tax net present value of $464-million and an internal rate of return of 31%, with a pay-back period of less than three years.
Officials from the Philippine Mines and Geosciences Bureau (MGB) were pleased with the progress of the project and appreciative of the social and environmental factors integrated into the mine design, Celsius told shareholders on Thursday, noting that the use of paste backfill underground, along with dry stacking of the mine tailings, replacing the need for a tailings dam, greatly mitigated the downstream agricultural communities’ concerns.
The MGB officials also commended the MMCI team for their determination to move the project forward despite the most challenging conditions brought about by the Covid-19 pandemic and expressed their support to see the project through to operation.