TVI Pacific looks forward to more Philippine developments
Despite challenging economic conditions, TVI’s Philippine operating affiliate, TVI Resource Development (Phils.) (TVIRD), successfully secured bridge financing (guaranteed by TVI) in order to complete, in just five months, the major infrastructure of the Canatuan sulphide plant by mid-November 2008. A term loan facility for $29.9 million (also guaranteed by TVI) was subsequently entered into to replace the bridge financing facility. Successful start-up and commissioning activities at Canatuan soon followed, with each event marking new milestones for TVIRD. Commercial operations were then established in early March 2009 and the first 5,350-t shipment of copper concentrate to an offtake purchaser, MRI Trading, was completed near the end of the month for initial proceeds of approximately $4.9 million. (more…)
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