Name of the Project
Maalinao-Caigutan-Biyog (MCB) copper/gold project.

Location
Cordillera Administrative Region, Philippines.

Project Owner/s
Copper/gold exploration and development company Celsius Resources, through its subsidiary Makilala Mining Company (MMCI).

Project Description
A scoping study has confirmed the potential for a 25-year mine life and optimised underground mine plan at the MCB project, with identified bulk mining by sublevel open stoping envisaged as the most cost-effective mining method.

The project process plant design is based on a single processing train configuration, with a maximum capacity ore feed rate of 2.4-million tonnes a year (nominal 2.28-million tonnes a year) to produce bulk copper/gold concentrate and delivering 16 000 t/y of copper and 19 000 oz/y.

The optimised mine plan focuses on the high-grade copper/gold portion of the mineral resources estimated, equating to 49-million tonnes run-of-mine grading at 0.85% copper and 0.41 g/t gold, 100% of which is classified as indicated resources.

The project comprises mineral resources of 313.8-million tonnes grading at 0.48% copper and 0.15 g/t gold as at January 2021 for 1.5-million tonnes of contained copper and 1.47 million ounces of gold.

Potential Job Creation
Not stated.

Net Present Value/Internal Rate of Return
The project has an estimated pretax net present value, at an 8% discount rate, of A$818-million and an internal rate of return of 41%, with a payback period of only 2.67 years.

Capital Expenditure
Initial capital expenditure estimate of $253-million.

Planned Start/End Date
Not stated.

Latest Developments
The Philippine government has awarded MMCI priority project status for the MCB copper/gold project.

Officials from the Philippine Mines and Geosciences Bureau are pleased with the progress of the project and appreciative of the social and environmental factors integrated into the mine design.

Using paste backfill underground, along with dry stacking of the mine tailings, replacing the need for a tailings dam, has greatly mitigated the downstream agricultural communities’ concerns.

The officials have also commended the MMCI team for its determination to progress the project despite the most challenging conditions caused by Covid-19 and are supporting the project.

Key Contracts, Suppliers and Consultants
Drillcorp Mining (drilling operations).

Contact Details for Project Information
Celsius Resources, tel  +61 8 6188 8181.