Move to expedite firm’s exploration and development projects
TVI Resource Development (Phils.) Inc. (TVIRD), announced today that it has made a second, voluntary prepayment of US$6.0 million under the debt facility it entered into in early 2009, reducing the current principal owing by approximately 25% to US$18.3 million.
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TVIRD’s Canatuan copper production operations at night. The company has accelerated its exploration and development activities in the Zamboanga Peninsula.
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In addition to the principal prepayment amount of US$6.0 million, accrued interest, advisory fees and a premium for the right to make the prepayment brought the total cash payment made by TVIRD to US$8.3 million.
“With steady cash flow from Canatuan we are able to significantly reduce our interest expense and expedite our exploration and development projects” said Cliff James, Chairman of TVIRD and President & CEO of TVI Pacific Inc, TVIRD’s Canadian affiliate. “As announced earlier this week, in partnership with DACON, we are accelerating our mine life extension project at Canatuan and we are also accelerating our exploration and development activities at Balabag and our exploration program at Tamarok.”