TVI says construction continues
TVI has a 30.66% interest in TVI Resource Development Phils, which owns Balabag and has a 60% stake in the Agata nickel laterite DSO operation.
"The health and safety of the TVIRD personnel and contractors at site is key to ensuring that all TVIRD operations and activities continue without any disruption and we are therefore pleased that all precautionary measures taken to date have proven to be effective," said TVI CEO Cliff James, who also chairs both TVI and TVIRD.
TVI said following the withdrawal of the scientific and technical disclosure set out in its October 2019 technical report, TVIRD had decided to put Balabag into production relying exclusively on technical and economic analysis prepared under Philippine regulations.
It said construction of the processing plant, permanent accommodations and tailings storage facility was ongoing.
Power supply works were underway and two further gensets were expected this month.
TVIRD had completed its fifth drawdown last month under a US$28.5 million, five-year term loan facility from China Banking Corporation for Balabag's construction, taking the total drawn to $17 million.
TVI said there had been no disruption at Agata which had made four shipments of nickel/iron mineralised material during March, for a total project-to-date of 257 shipments of 13.97 million wet metric tonnes.
Shares in the company touched a 52-week high intraday of C2c.
They closed up 50% or 0.5c to 1.5c, capitalising it at $9.8 million (US$6.9 million).