Nickel miner TVI Resource postpones Philippine IPO to H2

TVI Pacific

02/03/2016 07:12

MANILA, March 2 (Reuters) - Nickel miner TVI Resource 
Development (Phils.) Inc (TVIRD) has  deferred its planned 
Philippine listing for a second time to the second half of 2016 
due to volatile market conditions, its chairman said. 
    The miner had initially planned to list on the Philippine 
Stock Exchange (PSE) in December last year, before deferring to 
Feb. 29 this year due to delays in regulatory approvals. 
    "While TVIRD has worked diligently with its underwriter and 
the regulatory bodies to pursue its IPO and PSE listing, global 
markets have been in extreme turmoil since the beginning of 
2016," said Clifford James, who is also chairman and CEO of 
Canadian miner TVI Pacific Inc  TVI.TO . 
    TVI has a 30.66 percent equity interest in TVIRD, which 
began nickel ore exports in 2014 from its Agata mine in Surigao 
province in southern Philippines. It is one of the country's 27 
nickel mines supplying ore to processing plants in Australia, 
China, South Korea and Japan. 
    James said the market turmoil has made it "very difficult" 
for companies in all industries to pursue public offerings. 
    "We are seeing many planned IPOs being deferred to the 
latter half of 2016 to allow time for the markets to settle and 
to see the outcome of the presidential elections in the 
Philippines (in May)," he said in a statement. 
    The miner still planned to raise 1 billion pesos ($21 
million) from the IPO to to fund a local gold and silver mining 
project. 
    TVI remained optimistic about TVIRD's listing prospects, 
James said, despite the still weak outlook for stainless steel 
demand and depressed nickel prices. 
    "The establishment of a public market for TVIRD shares will 
allow North American investors to better evaluate the value of 
TVI's interest and provide us with an essential source of 
non-dilutive funding," he said. 
     
 
 (Reporting by Erik dela Cruz; Editing by Richard Pullin) 
 ((enrico.delacruz@thomsonreuters.com; +632 841-8934; Reuters 
Messaging: enrico.delacruz.thomsonreuters.com@reuters.net)) 
 
Keywords: TVIRD PHILIPPINES/IPO