Canadian firm Mindoro Resources Limited had renegotiated an option to acquire another 25 percent interest in the Agata nickel project in Agusan del Norte.

This means that Mindoro through its local unit MRL Nickel Philippines Inc may get full equity in Agata from its local partner Minimax Mineral Exploration Corporation since it currently has 75% stake in the project.

However,Mindoro said in a statement it had granted TVI Pacific Inc also Canadian and designated operator of the planned project an option to earn 60% interest in Agata. Assuming the exercise of all options by both TVI and Mindoro, Mindoro would keep 40% interest in the Agata project.

Mr Tony Climie CEO of Mindoro said that “Acquiring the additional 25% interest represents a major milestone in our strategy to rebuild the company.”

He said that “The robust economics outlined in the high iron DSO feasibility study (made public last September 10) indicate a compelling investment case for this additional interest.”