AMVI Ships First Nickel Ore from Agata Project
Agata Mining Ventures Inc. (AMVI), a joint venture owned by TVI Pacific and TVI Resource Development (TVIRD), has completed its first shipment of high-iron/low nickel direct shipping ore produced from the Agata project located in northern Mindanao, the Philippines.
A total of 54,181 wet metric tonnes (wmt) of limonite high-iron/low nickel ore containing 0.70% nickel and 49% iron left the port of Payong-Payong in Agusan del Norte, Mindanao, on October 19, 2014, in accordance with an off-take arrangement between TVIRD and Tewoo Hoperay (Singapore) Pte. Ltd, TVI said.
“We are extremely pleased to complete the loading of our first high-iron/low nickel DSO shipment in just seven days, a testament to the exceptional crews we have on the ground,” stated Mr. Cliff James , Chairman and CEO of TVI Pacific Inc. and Chairman of TVIRD.
“TVIRD’s swift return to revenue and cash flow generation represents a major stepping stone in its goal of listing on the Philippine Stock Exchange – the achievement of which could substantially enhance its investment value for shareholders of TVI.”
According to TVI, production remains steady at the Agata project and remaining inventory to date is approximately 26,669 wmt of limonite high-iron/low nickel ore with nickel and iron content levels between 0.7% and 0.9% and 48% and 49%, respectively.
“It is anticipated that future shipments of approximately 55,000 wmt high-iron/low nickel DSO will continue approximately every three to four weeks with shipping rates expected to accelerate rapidly to 2.5 million wmt per year in 2015,” the company said.