TORONTO (miningweekly.com) – The Philippine affiliate of TSX-listed resource company TVI Pacific, TVI Resource Development (TVIRD), has completed two shipments of limonite high-iron/low-nickel direct shipping ore (DSO) for gross proceeds of $1.34-million during December from the Agata project, in northern Mindanao, in the Philippines.
TVIRD holds a 60% interest in Agata Mining Ventures (AMVI), a joint venture company in which TVIRD holds a 60% interest and is the operator.
AMVI had signed an offtake agreement with Tewoo Hoperay (Singapore) for two shipments of higher-grade saprolite ore.
AMVI had been mining higher-grade saprolite ore, containing greater than 1.5% nickel, found in the deeper part of the Agata nickel laterite orebody, to secure higher selling prices. The company had agreed to make two shipments of 55 000 wet metric tonnes saprolite ore this year.
AMVI expected to complete both saprolite shipments to Tewoo in the first quarter, after which it planned to mine and make shipments consisting of both high- and low-grade ore to secure a higher selling price.
TVI also on Thursday announced that it had drawn down funds from an $8-million loan facility, which was extended by China Banking Corporation, to help fund the ramp up of the DSO operation and fund exploration work under way at the Agata nickel laterite and limestone projects.
"We are very pleased that the Agata DSO operation continues to generate revenues and cash flows, and that Tewoo continues to be a loyal buyer of both the nickel laterite and saprolite ore. We are also pleased that AMVI has been able to access substantial funds to ensure the successful ramp up of production and continued resource updates at the Agata project, as these developments all serve to further support TVIRD's goal of listing on the Philippine Stock Exchange in 2015 – the achievement of which could substantially enhance value for TVI and its shareholders,” TVI chairperson and CEO Clifford James remarked.