TVIRD announces completion of 16th shipment of copper concentrates produced at Canatuan
TVI Resource Development (Phils.), Inc. (TVIRD) announced today that it has completed its sixteenth shipment of copper concentrates produced at the Canatuan Mine on August 7, 2010.
Copper production remains steady at Canatuan. Copper concentrate grade levels have been kept around 20 percent. Current production plans call for maintaining production at these concentrate grade levels in preparation for the next shipment scheduled in approximately six weeks.
|
A backhoe arranges copper concentrates from Canatuan on a transfer barge docked at the Santa Maria port in Siocon, Zamboanga del Norte. TVIRD’s 16th copper concentrate shipment expects to bring in US $7.8 million in gross revenues for the company, increasing year-to-date revenues to $50.8 million on total copper concentrate shipments of 31,285 dmt.
|
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$7.8 million from MRI for 5,238 dry metric tonnes (dmt) of copper concentrates.
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 sixteenth shipment, inventory of about 173 dmt remained in the Port Sta. Maria warehouse.
