Canadian miner's affiliate holds off Philippine IPO plan as mine faces suspension

TVI Pacific

29/09/2016 06:35

By Manolo Serapio Jr 
    MANILA, Sept 29 (Reuters) - A Philippine nickel miner, 
partly owned by Canada's TVI Pacific Inc  TVI.V , said it has 
put on hold a plan to list on the local stock exchange after the 
government said its mine may be suspended for environmental 
violations. 
    TVI Resource Development (Philippines) Inc (TVIRD) holds a 
60 percent stake in Agata Mining Ventures Inc. Agata's nickel 
laterite mine on the southern Philippine island of Mindanao is 
among 20 more mines that the government's environment agency 
said may be halted. Manila has already suspended 10 mines in an 
audit over the past two months. 
    Each of the 20 mines would be given seven days to explain 
any alleged violations and how to rectify them, before a final 
decision is made, government officials said on Tuesday. 
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    Suspending another 20 would leave only 11 operating mines in 
the Southeast Asian country, which accounts for nearly a quarter 
of the world's mined nickel supply - most of which is shipped to 
China. 
    Citing the "uncertain environment in which the Philippine 
mining industry has operated" since the Department of 
Environment and Natural Resources launched a mining audit in 
July, TVIRD said it "has placed all activities relating to its 
previously proposed listing on the Philippine Stock Exchange and 
initial public offering (IPO) on hold." 
    It was not the first time that TVIRD has postponed its IPO 
plan.  
    The company, in which Canada's TVI has a 30.66 percent 
interest, initially planned its Philippine listing in December 
last year, before moving it to Feb. 29 and later to the second 
half of this year, citing volatile market conditions. 
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    Private-owned Filipino firm Prime Resource Holdings Inc is 
the controlling shareholder of TVIRD.        
      
 
 (Reporting by Manolo Serapio Jr.; Editing by Christian 
Schmollinger) 
 ((manolo.serapio@thomsonreuters.com; +632 841 8972; Reuters 
Messaging: manolo.serapio.thomsonreuters.com@reuters.net 
Twitter: @MannySerapio)) 
 
Keywords: TVIRD PHILIPPINES/IPO