TVIRD announces completion of 12th shipment of copper concentrates produced at Canatuan
TVI Resource Development (Phils.), Inc. (TVIRD), announced today that it has completed its twelfth shipment of copper concentrates produced at the Canatuan Mine on March 4, 2010. 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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Sampling copper concentrates from a hauling truck prior to loading onto landing craft transport, which will, in turn, ferry the concentrates to a waiting ship. The Canatuan mine continues to achieve consistent operating throughput and concentrate production.
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TVIRD expects to earn gross revenues of US$9.0 million from MRI for 5,224 dry metric tonnes (dmt) of copper concentrates.
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.
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.