24th Feb 2025 11:45
(Alliance News) - Celsius Resources Ltd on Monday said its Philippine affiliate Makilala Mining Co Inc has secured up to USD76.4 million to fund its flagship project.
The mine developer with projects in Africa and the Philippines said it has signed a binding term sheet with Maharlika Investment Corp for a bridge loan facility to fund the Maalinao-Caigutan-Biyog copper-gold project.
Shares in Celsius Resources were up 27% to 0.63 pence in London on Monday morning. The stock had closed up 36% to AUD0.015 in Sydney.
Maharlika Investment Corp is owned and controlled by the Philippine Government to manage the country's sovereign wealth fund.
Celsius Resources said the loan is intended to fully finance the updating of its feasibility study and front-end engineering design.
The loan also will partially fund early development activities including main access road construction in coordination with the Kalinga provincial government and training for the Balatoc community.
The agreement is also intended to enable MMCI to comply with the financial capability requirements under its mineral production sharing agreement with the Philippine government.
Celsius Resources said negotiations are ongoing for additional equity funding given the scale of the project.
Executive Chair Julito Sarmiento said: "The Maharlika Investment Corp's decision to invest in the MCB project underscores the Philippine government's strong commitment to advancing the critical metals sector and fostering a responsible mining industry that delivers meaningful benefits to host communities.
"In return, we pledge to fulfil our role as responsible stewards, ensuring the MCB project's success while upholding environmental and social responsibilities."
By Michael Hennessey, Alliance News reporter
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