TVI Resources Development Philippines Inc. (TVIRD), the local unit of Canadian miner TVI Pacific, on Tuesday said it has signed joint venture deals with two companies for developing resources of Agata Mining in Agusan del Norte and Pan de Azucar Pyrite in Panay Island.
The agreements were signed with Mindoro Resources Ltd. (MRL) and Minimax Exploration Corporation.
An Envrionmental Clearance Certificate or ECC for high laterite iron mining—which will soon commence—was already issued by the Environmental Management Bureau, an agency of the Department of Environment and Natural Resources, before a
processing plant is operational, according to TVIRD.
Through TVIRD, TVI Pacific is building a nickel processing plant for less than $100 million close to the Agata site. To start operations in 2015, plant is expected to operate for 20 years.
"The joint venture presents TVIRD, MRL and Minimax with multiple growth prospects that include mineral development and processing of high iron laterite and limestone direct shipping ores (DSOs) over the short-term,” TVIRD noted in a statement.
“In the medium-term, prospects include pyrite material DSO, lime and nickel," the company added.
TVIRD reserves the option to assume a 60 percent interest and act as operator in the projects.
According to estimates, Agata Mining is holding seven million wet metric tons of high iron material.
Sulphuric acid as a byproduct of the Pan Azucar Pyrite project would be used in the processing plant.
Nickel accounted for P37.37 billion or 47 percent of the total metallic output valued at P79 .52 billion in the first nine months of 2012. — VS, GMA News