TVI Pacific announces that Agata Mining Ventures Inc (AMVI), a joint venture company in which TVI’s Philippines subsidiary TVIRD holds a 60% interest and is the operator, has completed another shipment of high-iron/low nickel direct shipping ore (DSO) for gross proceeds of US$615,000.
The shipment was made last month from the Agata DSO operations in northern Mindanao. It represents the sixth shipment completed by AMVI since operations commenced in October 2014.
A total of 49,234 wet metric tonnes (wmt) of limonite high-iron/low nickel ore containing 0.88% nickel and 48.48% iron left the port of Payong-Payong in Agusan del Norte on January 28, 2015, in accordance with an offtake arrangement between TVIRD and Tewoo Hoperay (Singapore) Pte Ltd.
As at January 30 the remaining inventory was approximately 33,507 wmt of limonite high-iron/low nickel ore with nickel and iron content levels of 0.74% and 49.30%, respectively.
Production in January was hampered by extreme weather conditions that brought an extraordinary amount of rainfall to the operations area. As a result, AMVI completed one shipment of high-iron/low nickel limonite ore during the month instead of two shipments that were originally planned.
Operations have returned to normal since the end of January and AMVI expects to complete two shipments in February consisting of one shipment of limonite ore and one shipment of higher grade nickel saprolite ore to secure higher selling prices.
“While the month of January was enormously challenging for the Agata DSO operation due to the severity of typhoon Mekkhala, I am pleased with how quickly the AMVI team was able to modify operational infrastructure to resume operations within the span of two weeks,” says TVI Pacific’s chairman and CEO Clifford James. “Everyone remains focused on maximizing operational efficiency at Agata to generate revenue and cash flows that will support TVIRD’s valuation as it seeks a listing on the Philippines Stock Exchange later this year. This is critically important for TVI shareholders as it would substantially enhance our 30.66% investment and provide a ready source of funding for future projects.”