Business
TVI's Philippine Affiliate JV Completes One Shipment of Nickel Ore at the Agata Nickel Laterite Project in June 2015
TSX: TVI  OTCQB: TVIPF CALGARY , July 13, 2015 /CNW/ - TVI P...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\nTSX: TVI  OTCQB: TVIPF\n\n\n\n\nCALGARY, July 13, 2015 /CNW/ - TVI Pacific Inc. (TSX:TVI) (OTCQB:TVIPF) (\"TVI\" or \"the Company\") and TVI's Philippine affiliate, TVI Resource Development (Phils.), Inc. (\"TVIRD\"), announce that Agata Mining Ventures Inc. (\"AMVI\"), a joint venture company in which TVIRD holds a 60% interest and is the operator, has completed one shipment of higher nickel grade saprolite ore during June 2015 for gross proceeds of US$1.83 million from the Agata nickel laterite project located in northern Mindanao, the Philippines.  No shipments were made through the month of May due to currently reduced demand for lower grade limonite ore.  All figures reported in this news release are in U.S. dollars.\n\nMarket prices for all grades of Philippine nickel laterite ore have fallen precipitously since the Agata operations commenced in October 2014.   For ore containing 0.6% to 0.9% nickel and 49% iron content (known as limonite ore), prices have fallen from an average of $22 per tonne in the earlier part of 2014 down to $13 per tonne in November 2014 and have been consistently trading at $11 per tonne since March 2015.  For ore containing over 1.5% nickel and 15% to 20% iron (known as saprolite ore), prices have fallen from well over $100 per tonne in early 2014 to $40 per tonne in November 2014 and has been trading consistently at $31 to $33 per tonne since March 2015.  \n\n\"Due to ongoing depressed Philippine nickel laterite prices and currently reduced demand for lower nickel grade limonite ore, AMVI continues to adjust its shipment schedule and marketing of the shipments to ensure continued operational profitability,\" stated Clifford James, Chairman and CEO of TVI and Chairman of TVIRD. \"Despite this challenging situation, we remain optimistic that positive developments at TVIRD's other projects will support TVIRD in seeking a listing on the Philippine Stock Exchange later this year – the achievement of which is expected to enhance TVI's 30.66% investment and to provide us with a possible source of funding for future projects.\"\n\nJune Shipment Summary\n\nThe one higher nickel grade saprolite ore shipment completed in June by AMVI represented the fourteenth shipment completed since operations commenced in October 2014.  The shipment, completed on Ju...