(NewsDirect)
Celsius Resources Ltd (ASX:CLA, AIM:CLA)managing director Peter Hume tells Proactive's Stephen Gunnion thecompany has achieved a significant milestone by being granted a miningpermit for the MCB project, marking a pivotal transition fromexploration to mineral resource development.
This permit, valid for 25 years andrenewable for a further 25, encompasses extensive exploration anddevelopment rights within the project area. The MCB project is locatedin the Philippines and is known for its high-grade copper porphyry,boasting an estimated resource of 300 million tonnes at an averagegrade of over 1% copper, alongside gold, for the first ten years ofmining.
The project is set toimplement sustainable mining practices, including a paste andhydraulic backfill and dry stacking methodology, due to its lack ofacid mine drainage. The permit also delineates responsibilities forsustainable development and environmental, social, and governance(ESG) aspects.
Following thepermit's issuance, Hume said Celsius Resources will focus oncompliance activities, securing financing from interested partiespreviously awaiting permit approval, and proceeding with detailedproject planning and further permitting for construction activities.
Hume also discussed the promisingoutlook for copper prices, influenced by global environmentalinitiatives, forecasting a price range between $13,000 to $15,000 pertonne, though with a cautious perspective on the upper limits ofmarket predictions.
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JonathanJackson
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