TVIRD announces completion of tenth shipment of copper concentrates produced at Canatuan
TVI Resource Development (Phils.), Inc. (TVIRD) announced today that it has completed its tenth shipment of copper concentrates produced at the Canatuan Mine on December 29, 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$7.7 million from MRI for roughly 5,284 dry metric tonnes (dmt) of copper concentrates, bringing total expected gross revenues to US$64.1 million, which includes price adjustments from previous shipments.
|
A bulldozer pours copper concentrates onto a dump truck just outside the TVIRD warehouse facility in Santa Maria, Siocon, Zamboanga del Norte. Out of the 52,400 dmt of copper concentrate it has produced to date, TVIRD has sold 50,085 dmt since March 2009, bringing the company’s total expected gross revenues to US$64.1 million.
|
The mine continues to achieve consistent operating throughput and concentrate production. It is anticipated that future shipments of approximately 5,000 dmt each will occur every four to six weeks depending on ship availability 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 52,400 dmt of copper concentrate. Of that production, 50,085 dmt has been sold through the offtake agreement with MRI, leaving inventory of about 2,300 dmt after the tenth shipment.
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.
