TVI Pacific Incorporated (TSX:TVI,OTCQX:TVIPF) and its affiliate received a US$8-million term loan from the China Banking Corporation to support operations and exploration work at the Agata project located in Northern Mindanao, the Philippines.

As quoted in the news release:

In addition to being granted the US$8 million Facility by Chinabank, AMVI has now received advances totaling US$3 million from Tewoo Hoperay (Singapore) Pte. Ltd, a subsidiary of Tianjjn Hoperay Mineral Limited Company, a major Chinese State Owned Enterprise, as part of offtake agreements signed in June and August 2014 to sell a total of 1.5 million wet metric tonnes of high iron/low nickel DSO. This brings the total amount of funding that AMVI is able to secure for the project to US$11 million. AMVI expects to be able to arrange similar commitments for additional funds in the future if necessary.
If AMVI draws upon the Facility, it will use the funds to ramp up operations at the Agata DSO project, to fund detailed exploration programs and resource updates at the Agata nickel laterite and limestone projects, and for general working purposes. Details of these programs will be announced in the upcoming weeks.

Mr. Clifford M. James, chairman and CEO, stated:

We are very pleased that AMVI has been offered such substantial funding, particularly given the current state of the commodities sector, to ensure the successful ramp up of production and continued resource updates at the Agata project.

Click here to see the full release.

china offtake agreements tsx:tvi Company News