TVIRD announces completion of 11th shipment of copper concentrates produced at Canatuan
TVI Resource Development (Phils.), Inc. (TVIRD) announced today that it has completed its eleventh shipment of copper concentrates produced at the Canatuan Mine on January 27, 2010. 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$8.3 million from MRI for 5,076 dry metric tonnes (dmt) of copper concentrates, bringing total expected gross revenues to US$72.5 million, which includes price adjustments from previous shipments.
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TVIRD’s warehouse and port facility in Santa Maria, Siocon, Zamboanga del Norte. The company expects to earn US$8.3 million gross revenues from its 11th shipment, bringing total gross revenues to US$72.5 million since March 2009. TVIRD has so far shipped a total of 55,161 dmt of copper concentrates.
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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 56,600 dmt of copper concentrate. Of that production, 55,161 dmt has been sold through the offtake agreement with MRI, leaving inventory of about 1,450 dmt after the eleventh 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.
