Celsius Resources has appointed Peter Hume as interim chairman while progressing the sale of its Opuwo project and reclaiming a key 60% shareholding in its Philippine affiliate after funding obligations were unmet.
- Peter Hume named interim Non-Executive Chairman
- Opuwo project divestment progressing with multiple offers
- Formal notice issued to Sodor Inc. to return 60% MMCI shares
- Delisting process initiated from Namibia Securities Exchange
- Revised MMCI ownership structure underway per Philippine regulations
Leadership Transition Amid Strategic Moves
Celsius Resources Limited has appointed Peter Hume as interim Non-Executive Chairman, a move that underscores the company’s focus on steady leadership during a pivotal phase. Hume, with over four decades of mining experience and deep involvement in Celsius’s Philippine operations, steps up from his role as a Non-Executive Director. His appointment comes as Celsius advances financing efforts for its Maalinao-Caigutan-Biyog Copper-Gold Project, signalling a desire for continuity and technical expertise at the helm.
Opuwo Project Divestment Progresses
The company is actively progressing the divestment of its Opuwo project in Namibia, where it holds a 95% stake. Several interested parties have conducted due diligence, and Celsius is currently negotiating with three potential buyers on a non-exclusive basis. Parallel to this, Celsius has initiated the process to delist from the Namibia Securities Exchange, expected to conclude by March. This strategic exit from Namibia reflects a sharpening of focus on core assets and capital allocation.
Reclaiming Control of Philippine Affiliate
In a significant development, Celsius has formally exercised its contractual rights to reclaim a 60% shareholding in Makilala Mining Company, Inc. (MMCI) from Sodor Inc. This follows Sodor’s failure to meet funding commitments by the extended deadline of 16 February 2026. The move to regain majority control is critical for Celsius as it seeks to solidify its position in the Philippines and align MMCI’s ownership with regulatory requirements. The company is now implementing a revised ownership structure compliant with Philippine Securities and Exchange Commission guidelines.
Looking Ahead
While Peter Hume’s interim chairmanship provides stability, Celsius continues its search for a permanent Non-Executive Chairman. Meanwhile, the outcomes of the Opuwo divestment and the finalisation of MMCI’s ownership restructuring will be closely watched by investors. These moves collectively aim to streamline Celsius’s portfolio and strengthen its financial footing ahead of the MCB Project’s development phase.
Bottom Line?
Celsius’s governance and asset reshaping moves set the stage for renewed focus on its flagship copper-gold project.
Questions in the middle?
- Who will be appointed as the permanent Non-Executive Chairman?
- What are the financial terms and timeline for the Opuwo project sale?
- How will the revised MMCI ownership structure impact project financing and operations?