TVIRD completes eighth shipment of copper concentrates produced at Canatuan
TVI Resource Development (Phils.), Inc. (TVIRD) has completed its eighth shipment of copper concentrates produced at the Canatuan Mine on October 26, 2009. The concentrates were shipped from the TVIRD warehouse facility at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement previously entered into between TVIRD and MRI Trading AG (MRI).
TVIRD expects to earn gross revenues of US$7.2 million from MRI for roughly 5,138 dry metric tonnes (dmt) of copper concentrates, bringing total expected gross revenues to US$48.5 million, which includes price adjustments from previous shipments.
|
Workmen secure a bucket full of copper concentrates prior to loading onto a ship (left). TVIRD has shipped a total of 40,049 dmt out of the total of approximately 41,000 dmt that the company has produced to date.
|
This shipment occurred about four weeks after the previous shipment, reflecting consistent operating throughput and concentrate production achieved by the mine in October. It is anticipated that future shipments of approximately 5,000 dmt each will occur every four weeks depending on specific shipping and marketing arrangements.
The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. To date, the Canatuan Mine has produced approximately 41,000 dmt of copper concentrate. Of that production, 40,059 dmt has been sold through the offtake agreement with MRI. Funds generated from the sale of the copper concentrates are expected to be allocated to budgeted capital and operations at Canatuan, exploration and development projects at Canatuan, Balabag and Tamarok, and debt service.
