MAHARLIKA Investment Corp. (MIC) said it engaged Australian engineering firm Ausenco to update the feasibility study and front-end engineering design (FEED) for a copper-gold project with Makilala Mining Co., Inc.
In a statement, MIC Chief Executive Officer Rafael D. Consing, Jr. said Ausenco will lead the technical groundwork for the Maalinao-Caigutan-Biyog (MCB) Copper-Gold Project in Kalinga province.
Maharlika had announced that it signed a binding term sheet that will provide a $76.4-million bridge loan facility to Makilala to fund the early-stage development of the copper-gold project.
“This includes tendering of work packages and long-lead equipment procurement,” Mr. Consing said.
The feasibility study update and FEED program are expected to be completed by the end of 2025, according to Celsius Resources Ltd, Makilala’s parent.
Celsius is listed on both the Australian Securities Exchange and the London Stock Exchange.
These preparatory activities will lead to the development of the project, with main construction starting in 2026 and production in 2027.
“In this program, Ausenco will finalize the process for plant design, including crushing, grinding, flotation, copper concentrate production and handling,” Maharlika said.
“As part of this, additional metallurgical test work will be conducted to support the design and optimization of the process plant flow sheet,” it added.
Ausenco is expected to provide an estimate for new project costs and project valuation for the MCB Project, it said.
Mr. Consing has said Maharlika is planning to acquire a stake in Makilala, with the deal expected to close in the second half of 2025. — Aubrey Rose A. Inosante