Canadian miner TVI Pacific Inc. on Thursday said it is anticipating the listing of its local affiliate on the Philippine Stock Exchange (PSE) later this year.
In the company’s 2014 yearend financial report, TVI president and chief executive officer Clifford James said they plan to issue shares of local affiliate TVI Resource Development Philippines Inc. (TVIRD) through an initial public offering, proceeds of which will finance exploration and development of its major projects in the country.
“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,” said James, who is also the chairman of TVIRD.
TVI Pacific Inc. is a Canadian resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines and Southeast Asia.
The company is also direct or indirect participant and operator in several joint venture projects in the Philippines and Papua New Guinea and also has an interest in an offshore Philippine oil property.
TVIRD is currently engaged in the production of nickel laterite ore at its Agata project in Agusan del Norte. It is also looking to complete the adjacent nickel processing plant this year.
The Agata project is held by Agata Mining Ventures Inc. (AMVI), a joint venture company in which TVIRD holds a 60 percent interest and is the operator, while the remaining interest is held by Mindoro Resources Ltd.
TVIRD is also advancing its wholly owned Balabag gold-silver project in Zamboanga del Sur toward production as it entered the final phase of its permitting process.
The company earlier said it expects to submit the complete requirements necessary for the approval of its Declaration of Mining Project Feasibility (DMPF) by the Department of Environment and Natural Resources (DENR) early this year and complete the entire permitting process in the first quarter.
“The advancement of the Balabag project serves as another critical stepping stone for TVIRD to secure a listing on the PSE,” James earlier said.