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Highlights
- Celsius Resources partners with TESDA to develop local skills for its MCB Copper-Gold Project.
- The training program focuses on construction skills, preparing the community for upcoming project opportunities.
- The MCB Project has an estimated 25-year lifespan, contributing to long-term regional economic growth.
Celsius Resources Ltd (ASX:CLA) and its Philippine affiliate, Makilala Mining Company Inc. (MMCI), have partnered with the Technical Education and Skills Development Authority (TESDA) to enhance local employment opportunities at the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project. This collaboration focuses on equipping the community with essential skills ahead of the project's construction phase, expected to begin this year.
Building Community Skills
On October 3, MMCI and TESDA signed a Memorandum of Agreement (MoA) to launch a Community-Based Skills Training Program. This initiative aims to develop the technical abilities of the local workforce, ensuring they are prepared for the construction and operational phases of the MCB Project. With the project expected to run for 25 years, this partnership seeks to contribute to long-term regional growth.
TESDA, a government agency responsible for boosting the country’s workforce, will work alongside MMCI to design and implement training programs that meet national competency standards and the specific needs of the MCB Project. The initial training focus will include construction-related skills such as carpentry, welding, plumbing, and masonry.
Empowering Local Communities
Celsius Resources' sustainability director, Attilenore Manero, highlighted the importance of this partnership in empowering the local community. By providing practical skills training, residents will be able to take advantage of the economic opportunities generated by the MCB Project, fostering sustainable growth in the region.
This collaboration also supports the national objective of developing a skilled workforce that can contribute to the Philippines' economic development. Additionally, it strengthens Celsius Resources’ commitment to community engagement, aiming to balance economic and social objectives.
The MCB Copper-Gold Project Overview
Located approximately 320 kilometers north of Manila, the MCB Copper-Gold Project is the flagship development in Celsius Resources’ portfolio. The project’s maiden mineral resource estimate (MRE) was released in January 2021, revealing 313.8 million tonnes of ore containing 1.5 million tonnes of copper and 1.47 million ounces of gold. An updated MRE in December 2022 upgraded these figures to 1.6 million tonnes of contained copper and 1.3 million ounces of gold.
The project is expected to operate for 25 years, utilizing underground mining techniques to produce copper-gold concentrate. With a projected post-tax net present value (NPV) of US$464 million and an internal rate of return (IRR) of 31%, the MCB Project promises significant economic contributions. Initial capital expenditure is estimated at US$253 million, with a payback period of approximately 2.7 years.
The project will feature a processing plant capable of handling 2.28 million tonnes per annum, producing ore at an average grade of 1.14% copper and 0.54 g/t gold for the first 10 years.
