TVIRD announces completion of 13th shipment of copper concentrates produced at Canatuan
TVI Resource Development (Phils.), Inc. (TVIRD) announced today that it has completed its 13th shipment of copper concentrates produced at the Canatuan Mine on March 20, 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$9.0 million from MRI for 5,214 dry metric tonnes (dmt) of copper concentrates.
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TVIRD Vice President for Philippine Operations Yulo Perez (in yellow) and TVIRD Canatuan General Manager Ely Valmores inspect the Sulphide ball mill at the company’s copper-zinc production facility in Canatuan, Siocon, Zamboanga del Norte. For its 13th shipment, TVIRD expects to earn a gross revenue of US$9.0 million, bringing the company’s year-to-date gross revenue to US$26.2 million. TVIRD has shipped a total of 15,514 dmt of copper concentrates this year.
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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 six weeks. Previously, shipments occurred every four to six weeks. In order to significantly reduce shipping and freight costs, the Company will be increasing the grade of the copper content for each metric tonne of concentrate shipped. Therefore, with a fewer number of shipments in 2010, the Company intends to sell a similar amount of metal content at a higher grade.
The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. After the thirteenth shipment, inventory of about 308 dmt remained in the warehouse.
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.
