TVI remains confident of stable Phl operations

MANILA, Philippines - Canadian miner TVI Pacific Inc., operator of the Agata nickel project in Agusan del Norte, is confident its operations in the country will remain stable despite depressed and volatile nickel prices.

TVI Pacific operates the project through its local arm TVI Resource Development (Phils), Inc., which in turn, has formed Agata Mining Ventures Inc. (AMVI) with Mindoro Resources.

“As industry professionals expect nickel to realize an overall year-on-year growth, TVIRD is likewise confident that business will remain steady across the Asian direct markets.  And as both producers and the market expect more tightness in nickel demand and prices, it will be crucial for companies like TVIRD to adapt to the changing business environment, continuously explore new business opportunities and develop new resource projects for the future,” said Kaycee Crisostomo, TVIRD director for corporate communications and planning.

Last month, AMVI completed four shipments of nickel ore from the Agata nickel laterite project worth around $3.29 million.

The four shipments completed in July included three high iron/low nickel limonite ore shipments and one higher nickel grade saprolite ore shipment, representing the 15th to 18th shipment completed by AMVI since operations at the Agata project commenced in October 2014.

TVI Pacific said AMVI’s shipment plans would continue to adapt to depressed and volatile prices in the Philippine nickel laterite ore market.

The company noted market prices for limonite ore containing 0.6 percent to 0.9 percent nickel and 49 percent iron content have fallen from an average of $22 per ton in the earlier part of 2014 to $13 per ton when operations commenced in October last year.  The price has further slid to $11 per ton in recent months.