TVI Pacific Announces Completion of Ninth Shipment of Copper Concentrates Produced At Canatuan
TVI Resource Development (Phils.), Inc. (TVIRD) announced today that it completed its ninth shipment of copper concentrates produced at the Canatuan Mine on November 29, 2009. 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).
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Copper concentrates on a landing craft transport (left) are being readied for loading onto the hold of a ship (lower right). TVIRD has shipped a total of 44,801 dmt out of the total of approximately 45,600 dmt that the company has produced to date.
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TVIRD expects to earn gross revenues of US$7.7 million from MRI for roughly 4,742 dry metric tonnes ("dmt") of copper concentrates, bringing total expected gross revenues to US$56.1 million, which includes price adjustments from previous shipments.
The mine continues to achieve consistent operating throughput and concentrate production. It is anticipated that future shipments of approximately 5,000 dmt each will occur every four to six weeks depending on ship availability and marketing arrangements.
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 45,600 dmt of copper concentrate. Of that production, 44,801 dmt has been sold through the offtake agreement with MRI. Funds generated from the sale of the copper concentrates are expected to be allocated to budgeted capital and operations at Canatuan, exploration and development projects at Canatuan, Balabag and Tamarok, and debt service.