RTG Mining (ASX:RTG) is officially moving from a legal and corporate focus to an operation focus for its Mabilo Project in the Eastern Luzon region of the Philippines.
The $39.80 million market capitalisation company has held its first project development meeting with executives from the Villar Family’s TVI Resource Development (TVIRD). It follows a memorandum of understanding (MoU) between RTG and TVIRD earlier this year under which RTG owns a 40% interest in the Mabilo Project and TVIRD holds the remaining 60%.
As part of the meeting, the partner companies undertook a detailed review of operational plans for the project.
RTG says the operational plans for the project include focusing on the start-up of the potentially ‘highly profitable’ Direct Shipping phase. These latest discussions are considered a ‘significant’ step forward for RTG as the partners begin to shift the focus for the project from corporate to operational matters.
The Mabilo Project has been on care and maintenance for over 2 years, and this initial meeting focused on near-term initiatives, including discussions on local issues.
These issues include necessary social development and management programs and environmental protection and enhancement programs, together with reviewing tree clearing permits, alongside the port facility and the land acquisition program.
Shares in RTG spiked 16.67% to close at $0.042 on Wednesday afternoon (30 August).
RTG Mining Chief Executive Officer (CEO) Justine Magee says: “This first project development meeting with TVIRD should be regarded as a key turning point for the company and marks a profound shift in focus as we move past legal and corporate matters to now focus on activities which move Mabilo firmly forward into the project development phase.
“This first project development meeting with TVIRD should be regarded as a key turning point for the company…”
RTG has engaged in good and extensive discussions with TVIRD’s executive team, which now includes the newly appointed technical executive, representing a clear focus on operational start-up as we work together to unlock the value of the high-grade Mabilo copper/gold project.”
The company plans to hold meetings every fortnight to work closely to advance the development plans towards a targeted operational start-up as soon as possible.
RTG Mining is a dual-listed mining and exploration company focused on progressing its Mabilo Project. As of 30 June 2023, the company had $1 million cash at hand prior to completing a private placement raising $14 million, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: RTG Mining
