Consistent cash flow enables firm to decrease interest costs
TVI Resource Development Philippines, Inc. (TVIRD) announced today that it has reduced the original principal balance of its outstanding debt by 46%.
With the addition of a regularly scheduled loan payment of US$2.0 million made on January 19, 2010, TVIRD has now reduced its five-year debt facility from US $30.1 million to $16.2 million in less than one year.
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TVIRD’s port and warehouse facility in Santa Maria, Siocon, Zamboanga del Norte. Operating efficiencies, rigid cost control, a dedicated operations group and favorable copper prices have resulted in consistent cash flow for the company.
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"Our consistent cash flow resulting from operating efficiencies, rigid cost control, a dedicated operations group and favorable copper prices has enabled us to execute on one of our key strategy elements, that of decreasing interest costs," said Cliff James, TVIRD Chairman. "The debt repayment has made a substantial improvement in our balance sheet; and our cash flow from operations will allow us to progress mine life extension plans at Canatuan with our partner DACON, accelerate our development program at Balabag and advance our exploration initiatives at Tamarok.".