Agata Mining Ventures Inc. (AMVI) incurred a net loss of $639,000 or about P32 million in the first quarter, according to Mindoro Resources Ltd.
AMVI is a joint venture between TVI Resource Development Philippines Inc. (with a 60-percent stake) and Mindoro’s Philippine affiliate, MRL Nickel Philippines Inc. (40 percent)
In a statement, Mindoro said the Agata nickel laterite project’s performance during the quarter meant that losses had accumulated to a net of $2.74 million or about P136 million since AMVI started operations in October 2014.
Since kick-off, AMVI has completed direct shipments of a total of 102 cargos of nickel laterite ore.
Mindoro said that in April, there were six additional shipments from Agata, with an aggregate volume of 321,280 wet metric tons.
Last year, the Department of Environment and Natural Resources under then Secretary Regina Lopez recommended the Agata project for “suspension,” but it was allowed to continue operations.
“AMVI submitted proof of compliance on the alleged infractions and on Feb. 2, 2017, AMVI received its confirmation that it has passed the DENR audit,” Mindoro said.
“AMVI, together with 11 other mining companies, were allowed to continue. Several firms were ordered to close, while some were still under suspension,” the company added.