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(Sharecast News) - Celsius Resources announced the appointment of two technical consultants on Wednesday, to support the development of its flagship Maalinao-Caigutan-Biyog (MCB) copper-gold project in the Philippines, as it progressed towards a final feasibility study and front-end engineering design (FEED).
Makilala Mining, Celsius's Philippine affiliate, had awarded contracts worth a combined $0.64m to DMT Consulting and Resource Development Consultants (RDCL) to provide updated mine planning, geotechnical analysis, and hydrogeological studies.
It said the inputs would feed directly into the FEED and feasibility study being led by engineering firm Ausenco.
DMT, a global mining consultancy, would optimise the underground mine layout, infrastructure and production schedule, aiming to improve project economics and reduce environmental impact.
RDCL would meanwhile focus on surface geotechnical studies critical to infrastructure development, including dams, bridges, and the processing plant.
"We are happy to be working with DMT and RDCL for the front-end engineering design," said Peter Hume, non-executive director of Celsius and director at Makilala Mining.
"Their global expertise, coupled with local insights and experience in working with major mining companies in the Philippines, demonstrates their capability to deliver robust and technically sound methodologies that align with international standards and meet MMCI's timeline requirements."
Drilling activity and FEED work were now underway, with outcomes expected to feed into the updated feasibility study.
An earlier study projected a 25-year underground operation producing copper-gold concentrate, with a post-tax NPV of $464m and an internal rate of return of 31%, based on commodity prices well below current market levels.
The MCB project hosts a JORC-compliant resource of 338 million tonnes at 0.47% copper and 0.12 grams of gold per tonne, including 47 million tonnes classified as measured.
Celsius previously outlined a plan for a 2.28Mtpa processing plant with average grades of 1.14% copper and 0.54 grams of gold per tonne during the first decade of production, and low C1 cash costs of 73cents per pound net of gold credits.
Reporting by Josh White for Sharecast.com.
