Business · Philippines Bureau
Mining firm seeks legal recourse to block Kalinga project stake sale
Celsius Resources Limited is pursuing court remedies to prevent the scheduled auction of a 40 percent stake in its Kalinga copper-gold project, citing an ongoing legal dispute over the planned September 8 sale.
LSN Philippines ·
MANILA — Celsius Resources Limited, an exploration mining company operating in the Philippines, announced it is taking legal action to halt the impending auction of a 40 percent interest in its Copper-Gold Project located in Kalinga province.
The company said it intends to file a motion for reconsideration as part of its efforts to block the asset sale scheduled for September 8. The move comes amid a continuing legal controversy surrounding the project's ownership stake.
Details regarding the nature of the dispute and the basis for the company's legal challenge were not immediately disclosed. The outcome of Celsius Resources' motion could significantly impact the timeline for the project's equity restructuring.
The Kalinga copper-gold project represents a significant mineral exploration asset in the resource-rich Cordillera region. The planned divestment of the 40 percent stake had been previously announced but now faces potential delays pending resolution of the legal proceedings.