Villar-controlled miner eyes IPO
The Villar-controlled TVI Resource Development Philippines Inc. is pushing for a possible listing on the Philippine Stock Exchange “later this year.”
TVIRD chair Clifford M. James made this statement as the company reported ample cash after closing down the Canatuan mine and moving on to a joint venture at the Agata nickel mine.
“We are keen to see TVIRD achieve a listing on the PSE later this year as the substantial value of that company will become apparent for the world to see and provide TVI with an excellent source of funding for its project development activities in the near future,” James said.
He was referring to the Canadian firm TVI Pacific Inc., of which he is president and chief executive, and which holds a 30.66-percent stake in TVIRD.
The Villar group holds a 68.42-percent interest in TVIRD through the Prime Resource Holdings Inc. (PRHI), a unit of Prime Asset Ventures Inc.
PRHI has invested $12.7 million to gain a controlling interest in TVIRD. James said such funds “are being used to advance TVIRD’s various resource projects to support its valuation for a listing on the PSE later this year.”
Before the Villar group came in, TVIRD operated the Canatuan mine in Zamboanga del Norte which produced over 105,200 of gold and 1.8 million ounces of silver from 2004 to 2008.
The mine also produced about 200,000 dry metric tons (dmt) of copper concentrate and close to 31,000 dmt of zinc concentrate from 2009 to 2014.
Currently, TVIRD holds a 60-percent stake and is the operator of the Agata Mining Ventures Inc. (AMVI) which exports nickel laterite directly from its mine in Agusan del Norte.
Also, TVIRD has a right to earn a 60-percent interest Agata Processing Inc., which is working to put up a nickel processing plant for the Agata nickel mine.
Aside from that, AMVI is pushing for a possible production of limestone in an area near the Agata nickel mine.
Further, TVIRD fully owns the Balabag project which straddles Zamboanga del Sur and Zamboanga Sibugay, from where the company hopes to produce gold and silver.
