P14-B copper mining project from PBBM’s Aussie trip secures permit

MANILA – For the first time in 15 years, the Philippine government granted a permit to the copper mining project of Perthbased Celsius Resources with initial investments of USD253 million, or around PHP14 billion.

In a statement over the weekend, the Department of Trade and Industry (DTI) said Celsius

Resources’ local unit Makilala Mining Company, Inc. (MMCI) was granted a Mineral Production Sharing Agreement (MPSA) by the Department of Environment and Natural Resources (DENR) on March 15.

The 25-year MPSA, which could be extended for another 25 years, is for the company’s

Maalinao-Caigutan-Biyog (MCB) Mining Project in the Cordillera Administrative Region.

The MPSA gives the company the exclusive rights to explore, develop, and commercially produce copper and associated minerals within the 2,500-hectare contract area.

DTI said the MCB mining project is part of the USD1.53-billion investment pledges that President Ferdinand R. Marcos Jr. received during his visit to Melbourne,

Australia early this month.

“During his visit to Melbourne, President Marcos Jr. addressed the Australian business community, highlighting the Philippines’ vision to become a regional hub for smart and sustainable manufacturing. He emphasized the country’s focus on attracting sustainable-driven strategic investments, particularly in critical mineral processing, while ensuring adherence to strict labor and environmental standards,” DTI said.

According to Celsius Resources, the company has earmarked USD253 million as initial capital expenditure for the MCB project “with a payback period of approximately 2.7 years”.

It added that upon operation, the national government’s share of production includes an excise tax on mineral products on top of a royalty of at least 4 percent of the gross output, as well as other taxes, duties, and fees levied by existing laws. /