TVIRD announces completion of 15th shipment of copper concentrates produced at Canatuan
TVI Resource Development (Phils.), Inc. (TVIRD) announced today that it has completed its fifteenth shipment of copper concentrates produced at the Canatuan Mine on June 22, 2010.
TVIRD expects to earn gross revenues of US$7.2 million from the 15th shipment for 5,247 dry metric tonnes (dmt) of copper concentrates, bringing expected year-to-date gross revenues to US$43.1 million. The company has shipped a total of 26,047 dry metric tonnes (dmt) of copper concentrates this year.
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Copper ore minerals are brought by conveyor belt to TVIRD’s Canatuan Sulphide Plant for processing. The 15th copper concentrate shipment brings TVIRD’s expected year-to-date gross revenues to US $43.1 million.
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Copper production remains steady at Canatuan. Copper concentrate grade levels have been kept around 20 percent while zinc circuit commissioning continues. Current production plans call for maintaining production at these concentrate grade levels in preparation for the next shipment scheduled in approximately six weeks.
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).
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 15th shipment, inventory of about 218 dmt remained in the warehouse.
