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The Mabilo copper/gold project, in the Philippines, has been granted a mining licence, ASX- and TSX-listed RTG Mining reported on Friday.

The company told shareholders that it had received written confirmation that the Mines and Geosciences Bureau had approved the expansion of the current Mineral Production Sharing Agreement for the Nalesbitan project to include the Mabilo project, subject to the approval of a mine feasibility study and environmental clearance certificate.A 2016 feasibility study into the Mabilo project found that at a capital cost of A$17.4-million, RTG Mining could develop an operation with a production rate of 18 000 t/y of copper and 67 000 oz/y gold, generating annual free cash flows of some A$52-million.

The project is anticipated to have an initial eight year mine life.Meanwhile, RTG on Friday also said that it has successfully completed the issue of more than 60.12-million Chess Depository Instruments at a price of 5.7c each, raising $2.2-million.

The placement was part of a greater $6-million capital raise to fund progress at the Mabilo project.

A second tranche placement to fund the balance of the capital raise will be subject to shareholder approval.