Celsius Resources Secures Permanent MPSA for MCB Copper-Gold Project in Philippines
Why we think this is neutral
This RNS announcement provides a general update on the regulatory progress of Celsius Resources' MCB Copper-Gold Project in the Philippines. While the confirmation of MMCI's financial capability and the permanent granting of the MPSA are positive developments, the announcement does not contain any specific financial or operational updates that would warrant a stronger sentiment score. The news appears to be in line with market expectations for the project's advancement.
Key Points
- Philippine government confirms MMCI's financial capability for MCB Copper-Gold Project
- MPSA for the MCB Project now permanent for 25 years, renewable for another 25 years
- Binding term sheet for USD76.4 million bridge loan facility between MMCI and Maharlika Investment Corporation accepted by DENR
Summary
Celsius Resources Limited (ASX, AIM: CLA) has announced that its Philippine affiliate, Makilala Mining Company, Inc. (MMCI), has received formal confirmation from the Philippine Department of Environment and Natural Resources (DENR) that it has satisfied the final financial compliance requirement under its Mineral Production Sharing Agreement for the Maalinao-Caigutan-Biyog Copper-Gold Project (MCB). This follows the DENR's acceptance of a binding term sheet outlining a bridge loan facility of up to USD76.4 million between MMCI and Maharlika Investment Corporation, a government-owned corporation. The confirmation marks MMCI's full compliance with the provisional requirements of the MPSA, locking the MPSA for a full 25 years, renewable for another 25.