BoI welcomes copper mining project

THE Board of Investments (BoI) lauded the granting of a permit for the country’s first copper mining project in 15 years to Australia-based Celsius Resource, which will invest around P14 billion.

In a statement over the weekend, Trade Secretary and BoI Chairman Alfredo Pascual lauded the granting of a mining permit to Celsius Resources’ Philippine subsidiary, Makilala Mining Co. Inc. (MMCI) for its flagship Maalinao-Caigutan

Biyog (MCB) mining project.

Located in the Cordillera Administrative Region, the project aims to explore, develop and produce copper and associated minerals over a 25-year period, with a possible 25-year extension.

The Trade department said it was on March 15, 2024 when the Department of Environment and Natural Resources (DENR) granted MMCI a mineral production sharing agreement (MPSA).

“This mining permit grants the company exclusive rights to explore, develop, and commercially produce copper and associated minerals within a designated 2,500-hectare contract area,” the DTI said in a statement on Saturday.

The mining venture is part of the investment pledges gathered during President Ferdinand Marcos Jr.’s visit to Melbourne, Australia, that yielded $1.53 billion in business agreements.

Celsius Resources Executive Chairman Julito Sarmiento said that the mining permit was highly anticipated by their company and the community in Balatoc, Kalinga, where the mining project will be located.

“Now is our chance to deliver on our firm commitment to work with the Government and the local communities to develop the MCB project in a sustainable manner that creates value not only for our shareholders but also for our communities,” Sarmiento said.

He added that the project aims beyond just meeting regulations and targeting balance between business, sustainability, environmental preservation and restoration.

On the other hand, Celsius Managing Director Peter Hume highlighted that the granting of the mining permit to MCB “signifies Celsius’ transition from an exploration company to a mineral resource developer and, ultimately, a mine operator.”

Over the last 18 months, the Trade department said that Celsius has attracted significant interest from potential investors awaiting the issuance of the mining permit.

“With the MPSA now secured, the company will finalize funding options for the MCB Project,” it said.

During his visit to Melbourne, President Marcos Jr. spoke to the Australian business community and emphasized the Philippines’ ambition to emerge as a regional hub for a smart and eco-friendly manufacturing industry.

He explained the country’ s commitment to drawing sustainable oriented strategic investments, especially in critical mineral processing sectors.