TVI Resource Development Phils., Inc. (TVIRD), a Philippines corporation in which TVI Pacific Inc. holds a 30.66 per cent interest, has completed its seventh and final drawdown under an US$28.5 million five-year term loan facility provided by China Banking Corp. The seventh drawdown is in the amount of US$6.5 million and brings the total drawn to date equal to the total of the available facility.
The facility has been provided specifically to finance construction of infrastructure at the Balabag gold and silver mining project in Zamboanga del Sur, Philippines, and is expected to be sufficient to enable Balabag to become operational.
"Balabag is taking shape and continues to move forward despite unanticipated challenges introduced by the COVID-19 pandemic,” said Cliff James, chairman and CEO of TVI and chairman of TVIRD. “This continuing progress is a reflection of the planning and organization that preceded the commencement of development works and the experience and dedication of the TVIRD team onsite. We are pleased with the progress and proud of our investment that will further contribute to the success of TVIRD."