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Mindoro’s Agata project escapes wrath of typhoon Haiyan

18th November 2013

Creamer Media Deputy Editor: North America

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TORONTO (miningweekly.com) – Dual-listed Mindoro Resources on Monday reported that it had suffered no significant damage in the wake of Typhoon Haiyan, which devastated large swathes of the central Philippines on November 7.

The company said the typhoon, which in Indonesia is also called Typhoon Yolanda, passed directly over Pan de Azucar island, near north-east Panay island, where the company is in joint venture with TVI Pacific for the Agata nickel project.

Mindoro’s staff were unscathed, with some damage to camp facilities. However, damage to the island was extensive with houses and food stocks destroyed and fishing boats, a mainstay of the local economy, washed away.

Mindoro immediately provided emergency funds and organised food supplies to the island. The company said it would participate with its partner and was working with local government units in relief efforts to assist the community to recover from the devastation.

The central track of the typhoon passed about 200 km to the north of the Agata project, located in the province of Agusan del Norte, Mindanao and the project suffered minor damage, mainly to roads.

Mindoro expressed its deep sympathy to all affected.

ASX- and TSX-listed Mindoro in September said that it had renegotiated an option to acquire an additional 25% interest in the project from Philippine partner Minimax Mineral Exploration Corporation.

The company already owns a 75% shareholding in the project, but has granted TSX-listed TVI Pacific an option to earn a 60% interest in Agata, which was also acting as operator.

Edited by Creamer Media Reporter

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