Mindoro's Agata JV proves up
PERTH (miningweekly.com) – A feasibility study into ASX-listed Mindoro Resources joint venture (JV) project with TSX-listed TVI Pacific has proven robust economics for a direct shipping ore (DSO) operation out of the Philippines.
The feasibility study estimated that the Agata project would require a capital investment of some $10.1-million, and would deliver a net present value of $37.9-million and an internal rate of return of 187%.
First DSO shipments would take place by the fourth quarter of 2013, and shipping rates would accelerate to 2.5-million tonnes a year by 2015.
“Completion of the feasibility study is a major milestone in developing new cash-flow opportunities beyond TVI’s producing Canatuan copper/zinc mine,’ said chairperson and president Cliff James.
He noted that the study demonstrated robust economics that provided a path towards further development at Agata, and advancing TVI’s goal of eventually building a nickel processing plant.
Mindoro CEO Tony Climie added that the Agata DSO project provided a unique opportunity to generate revenue early in 2014, and to start rebuilding value in the company.
“We also look forward with keen anticipation to the results of the Agata processing feasibility study, expected in early 2014,” Climie said.
TVI and Mindoro have signed four JV agreements relating to the Agata and Pan de Azucar mining prospects, both in the Philippines. The JV agreement provides Mindoro with a 75% interest in the projects, and an option to acquire the remaining 25% from a private Philippine company.
TVI, in turn, could earn up to a 60% interest from Mindoro, and is the operator of the project.
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