TVIRD announces completion of eighteenth shipment of copper concentrates produced at Canatuan
TVI Resource Development (Phils.), Inc. (TVIRD) announced today that it has completed its eighteenth shipment of copper concentrates produced at the Canatuan Mine on November 6, 2010.
• Gross revenue expected from eighteenth shipment US$8.9 million
• Gross revenue year to date US$68.3 million
• Copper concentrates shipped year-to-date 41,950 dry metric tonnes (dmt)
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Workers prepare to hoist a bucket full of copper concentrates from a transfer barge onto a ship (left).
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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 five 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$8.9 million from MRI for 5,375 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 eighteenth shipment, inventory of about 488 dmt remained in the Port Sta. Maria warehouse.
