TVI secures permit for Balabag mining

• Source:http://thestandard.com.ph/business/206346/tvi-secures-permit-for-balabag-mining.html
• Tuesday, May 24, 2016

By Anna Leah E. Gonzales

The Mines and Geosciences Bureau approved the declaration of mining project feasibility of TVI Resource Development Philippines Inc. for the Balabag gold and silver project in Bayog, Zamboanga del Sur.

“With the approval of the DMPF, the company is now authorized to proceed to the development and operating period of the MPSA, which includes the extraction and commercial disposition of gold, copper and associated minerals within the contract area,” MGB said.

TVIRD is the local affiliate of TVI Pacific Inc., a publicly listed Canadian mining company focused on the exploration, development and production of precious and base metals.

The company already received an environmental compliance certificate from the Environment Department for the Balabag project.

It also received the approval of the social development management program in May 2014.

TVIRD holds 100 percent of the mineral production sharing agreement area covering 4,779 hectares containing the Balabag epithermal gold and silver project.

The project is located 75 kilometers east-northeast of TVIRD’s Canatuan mine.

Balabag has an indicated mineral resource of 1.35 million tons with an average annual production rate of 193,000 metric tons of ore per year and with a mine life of seven years.

Exploration and development work were put on hold at the Balabag project in 2014, pending the receipt of all permits from the government.

The Balabag project requires a capital investment of P1.04 billion and is expected to generate P6.54 billion in revenues, of which the government is projected to benefit P742.70 million.

“Balabag is the fourth mining project to be successfully permitted by TVIRD in the Philippines over the past 11 years and I am confident that TVIRD will secure the necessary funds to move the project forward prior its listing on the PSE later this year,” said TVI chairman and chief executive Clifford James.

“At TVI, we are very pleased with this development as a permitted Balabag project will greatly support TVIRD’s efforts to list on the PSE and the listing could provide TVI with both a short and long-term source of funding for our resource acquisition and development activities,” James said.