$6M to develop world-class assets as copper price soars
Celsius Resources has secured $6 million in funding to further develop two of its exciting copper-gold assets – Maalinao-Caigutan-Biyog (MCB Project) and the Nabiga-a Prospect (Sagay Project), both in the Philippines.
With decarbonisation policies underpinning demand, the copper price is on a bull run, more than doubling in the past year reaching an all-time high above US$10,000/t.
“In addition to Celsius Resources’ cobalt prospect at Opuwo in Namibia as well as nickel prospects in Australia, we are perfectly positioned to capitalise on the fast-tracked global shift to new energy solutions and the electrification of the world’s transport industries,” said Celsius Resources executive director Blair Sergeant.
Copper is a key ingredient in wiring, pipes, batteries and motors which is helping to drive unprecedented growth in new energy solutions such as wind, power generators and electric vehicles (EVs).
In a signal of market confidence, the world’s biggest copper trader, Trafigura Group, has backed the metal to enter a range of $12,000 to $15,000 a tonne over the coming decade.
“I’m not sure about the commodities supercycle, but I am 100% sure about the copper supercycle,” Kostas Bintas, Head of Copper Trading, Trafigura Group recently told Bloomberg.
Celsius Resources also has a third early stage copper-gold prospect (Malangsa) in the Philippines, located on the island of Leyte.
The flagship MCB Project, is a Tier 1 deposit situated on the country’s main island just 320km from Manila, with access to excellent road infrastructure.
This asset was acquired by CLA as part of the acquisition of Anleck Limited and included 3 portfolio assets all formerly owned by Freeport-McMoRan.
Freeport-McMoRan, the world’s third largest copper producer, had invested over $45m on these assets.
A 4,000m drilling program is underway at the MCB Project, as is the preparation of a scoping study.
In exciting news, COVID-19 restrictions are now easing in the MCB Project area, enabling us to shift to a 24 hour drilling operation.