Celsius Resources Ltd reported progress at its Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in Benguet, saying work on the feasibility and engineering phase is on track to reach the midpoint, reports Proactive Investors UK.
The MCB project resource estimate currently stands at 338 million tonnes averaging 0.47% copper and 0.12 grams per tonne gold. The project carries a post-tax net present value of USD 464 million and internal rate of return (IRR) of 31%.
Ore grades are forecast to average 1.14% copper and 0.54 grams per tonne gold.The study also outlines an initial capital expenditure of USD 253 million, with a projected payback period of 2.7 years and cash costs of about USD 0.73 per pound of copper, net of gold credits.
Its Philippine unit, Makilala Mining Company Inc. (MMCI), together with Ausenco, an engineering firm, is preparing a study report for the Maharlika Investment Corporation (MIC) by the end of August 2025.
Celsius said MIC has already provided initial financing through a bridge loan facility and expressed interest in an equity investment. The company also recently signed a non-binding memorandum of understanding with India’s Kiri Industries Ltd, paving the way for potential funding talks. Other financing options under consideration include debt and equity solutions, off-take agreements, and advance funding.
The company aims to complete the technical report and financing arrangements to allow project commissioning. The Benguet project is expected to start its copper-gold production by the end of 2027.
Celsius added that it remains committed to environmental responsibility and continues to work closely with the local Balatoc community as part of its long-term project development.
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