TVI Pacific said TVI Resource Development (Phils) (TVIRD), in which TVI holds a 30.66% interest, had decided to advance the project in Zamboanga del Sur towards commercial production.
Development works on-site have already commenced. In fact, TVIRD awarded a contract to undertake a design review and provide construction supervision services for the Balabag tailings storage facility (TSF) to professional services company GHD.
Currently, in terms of infrastructure works, detailed engineering is 90% complete and the crushing circuit is now 30% done.
Additionally, TVIRD has finished pouring concrete blinding for the grinding foundation, and foundation forms have been installed.
The rehabilitation of the existing Canatuan processing plant for use at Balabag is also underway, with the ball mills and flotation cells having arrived on-site.
Finally, bulk earthworks are at the 89% mark, and that includes cleaning and grubbing, cutting and excavation, embankment and compaction works, and the hauling and disposal of waste, including basin waste for construction of the TSF. The site's temporary electrical storage is now at 57%.
Chairman and CEO of TVI and cairman of TVIRD Cliff James was excited to see the start of development activities at Balabag after years of planning and preparation.
"This is the culmination of significant efforts to date, and we expect that TVIRD will continue with its ongoing exploration works with the objective of expanding the initial resource and reserves of the project to extend the life of this project," he said.
TVI also wanted to clarify that for the decision to put Balabag into production, TVIRD relied exclusively on technical and economic analysis prepared under Philippine regulations and didn't use TVI's report or any feasibility study classifying mineral reserves prepared in accordance with NI 43-101. It said "historically such projects have a much higher risk of economic and technical failure".