Photo by: Reuters
VANCOUVER (miningweekly.com) – TSX-V- and ASX-listed Mindoro Resources’ Philippine projects got a significant confidence boost when the company last week announced that Prime Resources Holdings (PRHI) had acquired a 13.33% interest at A$0.02142 a share, through a secondary trade in the market.
PRHI is a company allied with Mindoro's joint venture partner TVI Pacific in its Agata nickel, and Pan de Azucar copper/gold projects, in the Philippines. PRHI and TVI had struck an accord under which Prime would acquire a 5% interest in TVI, and a 68.42% direct equity interest in TVIRD, through which TVI holds an option to earn a 60% interest in the Agata and Pan de Azucar projects.
PRHI on Friday revealed that it had acquired 39.65-million CHESS depository interests (CDIs) of Mindoro through the facilities of the ASX, each representing one common share in the capital of Mindoro.
PRHI has acquired the CDIs for investment purposes, and said it might acquire more CDIs or common shares of Mindoro, or dispose of its holdings, as investment conditions warrant.
Edmonton, Alberta-based Mindoro in September said that it has 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.