MINDORO Resources has repaid outstanding principal and interest in the amount of $399,176 due to TVI Pacific as part of a secured promissory note for Can$1.3 million arranged last year. The payment helps ensure Mindoro’s ongoing participation in a number of joint ventures with TVI Pacific and its Philippines affiliate TVI Resource Development (Phils) (TVIRD).
At the time of arranging the loan Mindoro said it was to be used to fund operations for the next 12 months and finance an initial acquisition payment to Minimax Mineral Exploration Corp for the remaining 25% interest in the Agata project. Mindoro was negotiating to acquire the additional interest from Minimax, which would give it approximately a 40% interest in the Agata high iron laterite direct shipping operation (DSO), limestone DSO operation, and Agata processing operation, once TVI earned its 60% interest in the projects.
Mindoro also recently received Can$792,686 from the proceeds of the sale of an additional 51.8 million shares of Red Mountain Mining. It retains a 2.1% interest in Red Mountain.
Mindoro’s CEO Tony Climie said, “While we would have liked to have seen better returns from our Red Mountain investment, we anticipate the funds raised from the sale of these shares will see the company through to the commencement of the Agata DSO operation, which we expect will, ultimately, bring far greater returns to our shareholders.”
Mindoro currently has a 16% interest in the Agata Mining Joint Venture and 30% interest in the Agata Processing Joint Venture, Mindanao, with an option to acquire an additional 25% in both. Mindoro also holds 75% of the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo.
TVIRD has the option to earn up to a 60% interest in the Agata and Pan de Azucar projects by meeting the earn-in requirements, which include funding the DSO operation into production and producing a bankable feasibility study for a nickel processing facility. Mindoro also holds 75% interest in the Tapian San Francisco Copper-Gold Project, Mindanao.
In May Mindoro announced that it had formally applied to be removed from the official list of the Australian Securities Exchange (ASX). This was expected to occur on June 30. The decision to delist was based on the low volume of trading of its CDIs on the ASX compared to common shares on the TSXV. During 2013, ASX trading represented 6% of Mindoro’s total annual trading activity.