Celsius Resources Ltd - developing Maalinao-Caigutan-Biyog copper-gold project in Philippines - Philippine Department of Environment & Natural Resources confirms that the local affiliate of Celsius has satisfied the final financial compliance requirement under the mineral production sharing agreement for the MCB project. Manila accepts the binding term sheet that sets out terms for a bridge loan facility of up to $76.4 million between Celsius affiliate Makilala Mining Co Inc and Philippine government-owned Maharlika Investment Corp. ‘We are extremely pleased to have achieved this important regulatory milestone for the MCB project,’ says Celsius Executive Chair Julito Sarmiento, adding: ‘Now that we have fulfilled our compliance with the conditions of the mineral production sharing agreement, we are in a strong position to proceed with mine development and construction.’
The MCB mine is in Kalinga province in the north of the main island of Luzon.
Celsius shares had been suspended from trading in Sydney on Monday pending the announcement. They closed up 17% to A$0.0070 on Tuesday.
Current stock price in London: 0.33 pence, up 11% on Tuesday
12-month change: down 56%
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