| MANILA, Sept 29
MANILA, Sept 29 A Philippine nickel miner,
partly owned by Canada's TVI Pacific Inc, said it has
put on hold a plan to list on the local stock exchange after the
government said its mine may be suspended for environmental
TVI Resource Development (Philippines) Inc (TVIRD) holds a
60 percent stake in Agata Mining Ventures Inc. Agata's nickel
laterite mine on the southern Philippine island of Mindanao is
among 20 more mines that the government's environment agency
said may be halted. Manila has already suspended 10 mines in an
audit over the past two months.
Each of the 20 mines would be given seven days to explain
any alleged violations and how to rectify them, before a final
decision is made, government officials said on Tuesday.
Suspending another 20 would leave only 11 operating mines in
the Southeast Asian country, which accounts for nearly a quarter
of the world's mined nickel supply - most of which is shipped to
Citing the "uncertain environment in which the Philippine
mining industry has operated" since the Department of
Environment and Natural Resources launched a mining audit in
July, TVIRD said it "has placed all activities relating to its
previously proposed listing on the Philippine Stock Exchange and
initial public offering (IPO) on hold."
It was not the first time that TVIRD has postponed its IPO
The company, in which Canada's TVI has a 30.66 percent
interest, initially planned its Philippine listing in December
last year, before moving it to Feb. 29 and later to the second
half of this year, citing volatile market conditions.
Private-owned Filipino firm Prime Resource Holdings Inc is
the controlling shareholder of TVIRD.
(Reporting by Manolo Serapio Jr.; Editing by Christian