TVI Pacific reported that the Agata nickel project in northern Mindanao, the Philippines, has initiated shipments of high-iron/low-nickel direct shipping ore (DSO). A total of 54,181 wet metric tons (wmt) of limonite ore containing 0.70% nickel and 49% iron left the port of Payong-Payong in Agusan del Norte, Mindanao, on October 19, in accordance with an off-take arrangement with Tewoo Hoperay (Singapore) Pte. Ltd.
TVI anticipates that future shipments of 55,000 wmt each will continue at intervals of three to four weeks, with shipping rates expected to accelerate to 2.5 million wmt/y in 2015.
The Agata DSO project is located in Agusan del Norte province in the Surigao mining region of Mindanao. The region is a major lateritic nickel producing region, providing ore to processing plants in Australia, China, Korea and Japan. The Agata project is expected to benefit from its deep protected seaport, year-round shipping, and proximity to main markets in Asia.
The Agata DSO project has NI 43-101-compliant proven and probable reserves of 9.70 million wmt at a grade of 48% and 0.9% nickel.