TVIRD announces completion of 17th shipment of copper concentrates produced at Canatuan
TVI Resource Development (Phils.), Inc. (TVIRD) announced today that it has completed its 17th shipment of copper concentrates produced at the Canatuan Mine on September 24, 2010.
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Copper concentrates being loaded unto a ship anchored near the Santa Maria Port in Siocon, Zamboanga del Norte. TVIRD’s 17th copper concentrate shipment is expected to earn for the company US $8.2 million and increase year-to-date gross revenues to US $59 million. To date, TVIRD has shipped a total of 36,575 dmt of copper concentrates. (Photo by Erica Etbew)
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Copper production remains steady at Canatuan and 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.
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$8.2 million from MRI for 5,290 dry metric tonnes (dmt) of copper concentrates.
The off-take agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. After the seventeenth shipment, inventory of about 16.3 dmt remained in the Port Sta. Maria warehouse.
