TVIRD completes second copper concentrate shipment
TVI Resource Development (Phils.), Inc. (TVIRD) announced today that it has completed an additional shipment of copper concentrates from the Canatuan Mine on May 2, 2009.
In accordance with the offtake arrangement between TVIRD and MRI Trading AG (MRI), a second shipment of approximately 3,251 dry metric tonnes (dmt) of copper concentrates was shipped from the TVIRD warehouse facility at the Sta. Maria Port in Siocon, Zamboanga del Norte, destined for a major Chinese smelter. TVIRD is owed a partial payment, amounting to approximately US$2.3 million, for the copper concentrates shipped on May 2, 2009. Under the offtake agreement, final payment for the remaining sale price of the concentrates is due once the final details relating to the weight, assays and prices are determined. Funds generated from the concentrate shipments are intended to be allocated towards working capital and operating costs in continuing mine operations.
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Copper concentrates from TVIRD’s Sta. Maria warehouse (blue building) are being loaded onto a dump truck as TVIRD personnel keep a close watch.
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TVIRD completed its first 5,351-tonne shipment of copper concentrates from the warehouse facility at the Sta. Maria Port on March 27, 2009, for which TVIRD has received a provisional payment equal to 90% of the estimated value of that shipment, amounting to approximately US$4.9 million. Under the offtake agreement, final payment for the first shipment is due once the final details relating to the weight, assays and prices are determined.
The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. To date, the Canatuan Mine has produced approximately 10,560 dmt of copper concentrate. Of this production, 8,602 dmt have been shipped through the offtake agreement with MRI and 1,958 dmt are currently stored at the TVIRD facilities, waiting for subsequent shipment arrangements. It is anticipated that the next shipment to MRI may be made near the end of May 2009, while future shipments averaging approximately 5,000 dmt each, are expected to occur approximately every four to six weeks thereafter, depending on specific shipping and marketing arrangements.
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Above, a dump truck unloads copper concentrate cargo onto a barge, which will then transfer the cargo to a waiting ship, below.
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