Mindoro Resources starts ore shipments

Agata Mining Ventures Inc. (AMVI) has already made five shipments of limonite nickel laterite in the fourth quarter of 2014, with gross proceeds of $3.85 million, according to Mindoro Resources Ltd.

Mindoro Resources said that the Agata Nickel direct shipping ore operation in Agusan del Norte also accounted for recorded sales of 110,000 WMT (wet metric tons) of saprolite ore, with gross proceeds of $4.9 million.

The project is located in the Surigao mining region, which is a major nickel-producing region.

It ships ore to processing plants in Australia, China, Korea and Japan.

Mindoro announced the filing of the company’s annual audited financial results for the year ending on Dec. 31, 2014.

In the fourth quarter of 2014, Mindoro’s cash balance stood at $380,000, while working capital was at deficit of $3.6 million. After-tax loss of $4.4 million in 2014 represented a decrease from the net loss of $20 million reported in 2013.

General and administrative expenses were higher in 2014 ($851,000) than in 2013 ($754,000) as the company recognized a $215,000 contract termination payment to a management company controlled by former CEO Tony Climie. This had offset cost reductions in other general and administrative expenses.

Also, Mindoro said it signed option agreements to purchase Minimax’s 25-percent interest in Agata Processing Inc. for $250,000.

Mindoro also undertook a write-down of the company’s Pan de Azucar and Tapian San Francisco projects.

The mining firm also sold 89.8 million Red Mountain shares for net proceeds of $1.363 million, repaid $399,000 of principal and interest borrowed from TVI Pacific Inc. in 2013.