Celsius Resources (ASX:CLA) said its Philippine affiliate, Makilala Mining, signed a contract of services with Ausenco worth $1.9 million for the Maalinao-Caigutan-Biyog copper-gold project, according to a Monday Australian bourse filing.
The contract aims to update the feasibility study and conduct the front-end engineering design, including tendering of work packages and long-lead equipment procurement. The combined front-end engineering design and feasibility study update is expected to be completed within six months.
The update aims to develop a 2.4 million-tonnes-per-year process plant design and associated infrastructure.
It also signed a bridge loan agreement with Maharlika Investment, which provides up to $10 million in funding to Makilala Mining for the project under the first OLSA loan agreement.
The firm plans to engage a range of complementary engineering service providers during this time, including on-site drilling contractors.
Its shares jumped 8% in recent trading on Monday.
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