Mindoro Resources Ltd. is pleased to report that the first shipment of high-iron/low nickel direct shipping ore has been completed from the Agata project located in northern Mindanao, the Philippines.
Upon final exercise of a 25% option in the Agata project, Mindoro will hold a 40% direct interest in Agata Mining Ventures Inc., a joint venture company in which TVI Resource Development (Phils.), Inc. also holds a 60% interest in the project.
A total of 54,181 wet metric tonnes (wmt) of limonite high-iron/low nickel ore containing 0.70% nickel and 49% iron left the port of Payong-Payong in Agusan del Norte, Mindanao, on October 19, 2014. In accordance with an off-take arrangement between AMVI and Tewoo Hoperay (Singapore) Pte. Ltd., AMVI expects to receive gross revenue of US$0.89 million for this shipment.
"We congratulate operator TVIRD on their efficiency in loading our first high-iron/low nickel DSO shipment in just seven days," stated Penny Gould, CEO of Mindoro. "Mindoro's transition towards becoming a cash flow generating company, through its interest in AMVI, hails a major milestone in Mindoro's strategy to rebuild value for its shareholders."
Production remains steady at the Agata project and remaining inventory to date is approximately 26,669 wmt of limonite high-iron/low nickel ore with nickel and iron content levels between 0.7% and 0.9% and 48% and 49%, respectively. It is anticipated that future shipments of approximately 55,000 wmt high-iron/low nickel DSO will continue approximately every three to four weeks with shipping rates expected to accelerate rapidly to 2.5 million wmt per year in 2015.
Source: http://www.mindoro.com/