TVI Pacific net income up 53.9% in 2012

Published March 27, 2013 3:06pm

Canadian mining company TVI Pacific Inc.'s net income rose 53.9 percent year-on-year to $5.3 million in 2012, the miner said in a statement. Full-year revenues stood at $77.1 million, while cash balance by end-December was $16 million. Short-term debts were down 38.9 percent to $9.9 million from $16.2 million. Expenses for 2012 reached $48.6 million, down from $48.8 million in 2011. TVI Pacific's Philippine unit TVI Resource Development (Phils.) Inc. operates the company's copper and zinc mine in Canatuan, Zamboanga del Norte.

Milling operations at TVIRD's Canatuan mine in Zamboanga del Norte. Photo from TVIRD

Last week TVIRD signed a nonbinding term sheet with Metrobank for a $20-million term loan facility for the miner's Balabag gold-silver project in Zamboanga del Sur. It is currently awaiting the issuance of an Environmental Clearance Certificate (ECC) for the project, which is seen to produce an annual output of 50,000 ounces of gold. TVIRD is also pre-developing the nearby Malusok site. The miner has signed joint venture agreements with Mindoro Resources Ltd. and Minimax Mineral Exploration Corp. for the development of resources in the Agata mining project in Agusan del Norte and the Pan de Azucar pyrite project in Panay. In its joint ventures, TVIRD will act as operator and reserves the option to assume a majority 60-percent interest. — BM, GMA News

Tags: tvipacific, tvird, canatuanmine