Since the end of the March quarter Agata Mining Ventures Inc (AMVI), a company held by Mindoro Resources’ Philippine subsidiary MRL Nickel Philippines and TVI Resource Development (Phils) (TVIRD), completed six shipments of nickel laterite DSO from the Agata Nickel Laterite Project for 321,280 wet metric tonnes.
AMVI commenced operations in October 2014 and until March 31, 2017 had completed 102 shipments of nickel laterite DSO.
During the quarter, the company recorded sales of C$5.356 million and a net loss of C$639,000. Mindoro recorded a C$255,000 loss with respect to the 40% interest MRL Nickel Philippines, Inc. holds in the Agata project.
On September 27, 2016, AMVI was listed among 20 mining firms ‘recommended for suspension’ in an announcement made by Department of Environment and Natural Resources (DENR).
This announcement was the result of a nationwide audit of 41 metallic mines, which called for the assessment of all mining companies on the basis of laws related to mine environmental management, safety and health, social development, mining tenement and compliance with the Clean Air, Clean Water, Hazardous Waste and Solid Waste Acts.
AMVI submitted proof of compliance on the alleged infractions and on February 2, 2017, AMVI received confirmation that it had passed the DENR audit. AMVI, together with 11 other mining companies, were allowed to continue, several firms were ordered to close, while some were still under suspension.
Mindoro has a direct and beneficial 40% interest in the Agata Mining Joint Venture and direct and beneficial 75% interest in the Agata Processing Joint Venture with an option to acquire an additional 25% interest in the latter.
Mindoro also holds 75% interest in the Pan de Azucar Sulphur-Copper-Gold Project, Iloilo City. It also holds a 75% interest and an option to acquire an additional 25% in the Tapian San Francisco Copper-Gold Project, Mindanao.
Mindoro Resources