TVI Pacific 2012 income surges 54% to $5.3-M
MANILA, Philippines - Canadian miner TVI Pacific Inc. has reported that net income from the copper and zinc operations from its Canatuan mine in Zamboanga del Norte reached its net income rose 53.9% in 2012 to $5.3 million.
In a statement on Wednesday, March 27, TVI Pacific, which operates in the country through TVI Resource Development (Phils.) Inc., said its 2012 revenues reached $77.1 million.
Mining, milling and other expenses for 2012 reached $48.6 million, down from $48.8 million incurred in 2011 due to lower cost of chemicals required for processing.
The company has operated the Canatuan mine since 2004 and is winding down the operations in its initial ore body this year.
TVIRD is now pre-developing the nearby Malusok site to extend the lifespan of the mine.
The company also awaits the issuance of an Environmental clearance certificate (ECC) for its Balabag gold-silver project in Zamboanga del Sur. The tenement is scheduled to be on stream by 2014 and produce 50,000 ounces of gold annually.
TVIRD has also signed joint venture agreements with Mindoro Resources Ltd. (MRL) and Minimax Mineral Exploration Corporation for the development of resources in the Agata Mining Project in Agusan del Norte and the Pan de Azucar Pyrite project in Panay Island.
The joint venture entails the the production of direct shipping ores (DSOs) high iron laterite, limestone and pyrite as well as the establishment of a nickel processing plant in Agusan del Norte by 2015. Plant construction is valued at less than $100 million.
"TVI remains confident in the Philippines and the local mining industry," said TVI Pacific chairman and CEO Clifford James. "Testament to this is TVI's strong corporate presence in the country through its local affiliate and its faith in the proven operational capability of its management team, which is almost entirely Flipino."
He said that with the lifting of the moratorium on new mining applications, the company is confident that the government will be consistent in the implementation of the law. - Rappler.com