MANILA, Philippines - Canadian miner TVI Pacific expects to complete the permitting process for its Balabag gold-silver project in Zamboanga del Sur by the first quarter of 2015, enabling it to immediately commence with construction work.
The company also plans to list at the local bourse this year.
TVI Pacific operates in the country through its Philippine affiliate TVI Resource Development (Phils.), Inc. (TVIRD).
TVI Pacific said its local arm is already in the final phase of its permitting process for the project, and would submit by the end of January the final requirements for the approval of its Declaration of Mining Project Feasibility (DMPF) by the Department of Environment and Natural Resources (DENR).
“Depending on the DENR’s response time, TVIRD anticipates that the permitting process could be completed in the first quarter of 2015, after which on-site construction work will commence,” said TVI Pacific.
The DMPF is a document filed within the exploration period confirming the technical and economic viability of the mineral deposits in the tenement and is the last requirement to commence operations.
TVI Pacific announced in August that it already obtained the consent of the Subanen tribe for the development of ancestral domain areas in the Balabag project.
An Environmental Clearance Certificate (ECC has also been issued for the project in October.
The ECC contains specific measures and conditions that must be met before and during the operation of the project. It also certifies that the company has complied with all the requirements of the Environmental Impact Statement (EIS) System.
“We are very encouraged to be nearing the completion of the permitting process at Balabag,” said TVI chairman and CEO Clifford James. “While the process has taken longer than anticipated, it has given our team the time to fully optimize the process flow sheet by conducting thorough pilot text work and various studies to ensure the eventual operation’s success.”
While exploration and development work have been put on hold at the Balabag project mid-2013 pending the receipt of all permits, TVIRD has continued to work on the engineering design for a gold-silver processing plant to process ore on-site.
TVI Pacific said basic engineering design has now been completed and detailed design work is underway. The company has also constructed and maintained 16 kilometers of access roads to the project in anticipation of the commencement of construction.
“In addition, the advancement of the Balabag project serves as another critical stepping stone for TVIRD to secure a listing on the Philippine Stock Exchange in 2015,” said James.
The Balabag project covers a mineral production sharing agreement (MPSA) area of 4, 779 hectares. The project is located in the town of Bayog , 75 kilometers east-northeast of TVIRD’s Canatuan copper-zinc mine that it closed late in 2013.
The DENR, through the recommendation of the Mines and Geociences Bureau (MGB) now allows operating mines to expand their contract areas provided that mines have viable economic reserves.