TVI Pacific posts 54% profit hike

MANILA, Philippines - Canadian miner TVI Pacific Inc. reported yesterday a 53.9-percent increase in net income to $5.3 million in 2012 from a year ago. The company also said its full year revenues reached $77.1 million.

TVI Pacific operates in the country through TVI Resources Development (Phils.) Inc.

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 which is planned to be on stream beginning 2014. The tenement is seen to produce 50,000 ounces of gold annually.

The company has signed a nonbinding term sheet with Metrobank for a $20-million term loan facility coupled with a $3-million letter of credit.

TVIRD has also signed joint venture agreements with Mindoro Resources Ltd. (MRL) and Minimax Mineral Exploration Corp. for the development of resources in the Agata Mining Project in Agusan del Norte and  the Pan de Azucar Pyrite project in Panay Island.

“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 Filipino,” he added.