Celsius Resources Initiates Arbitration Against Kiri Industries Over Philippines Mine Offtake Agreement
Celsius Resources Limited is pursuing emergency arbitration to prevent Kiri Industries from establishing an offtake agreement for the Makilala Mining Company without Celsius's consent. This action follows recent changes in loan agreements related to MMCI and highlights Celsius's focus on safeguarding its interests in the MCB Project.
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Celsius Resources Limited has commenced emergency arbitration to obstruct Kiri Industries from finalizing any offtake agreements concerning the Makilala Mining Company Inc. without Celsius's written approval. This dispute arises after Maharlika Investment Corporation assigned its rights under an agreement with MMCI to Kiri's subsidiary on June 5.
Celsius claims it intends to nullify any unapproved arrangements with MMCI. Additionally, Celsius's subsidiary, Tambuli Mining Company, has appointed Dr. Attilenore Manero as Interim Chair and President, with Peter Hume set to join as Technical Advisor pending regulatory approval.
The Sagay Copper Project, covering 1,780 hectares, has an estimated mineral resource of 312 million tonnes. These developments could affect the operational strategy and investment landscape for copper-gold mining in the region.
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