TVIRD announces completion of 19th shipment of copper concentrates produced at Canatuan
TVI Resource Development (Phils.), Inc. (TVIRD) announced today that it has completed its 19th shipment of copper concentrates produced at the Canatuan mine on December 21, 2010.
– Gross revenue expected from 19th shipment US$9.7 million
– Gross revenue year to date US$77.9 million
– Copper concentrates shipped year-to-date 46,756 dry metric tonnes
(dmt)
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A bucket full of copper concentrates produced at Canatuan is hoisted onto a ship anchored near the Santa Maria Port in Siocon. TVIRD’s year-to-date copper concentrate shipments reached 46,756 dry metric tonnes.
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Due to the consistency of the concentrate shipment schedule, TVIRD will no longer be issuing separate news releases to announce individual concentrate shipments. Instead, all figures will be reported on a quarterly basis.
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$9.7 million from MRI for 4,806 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 19th shipment, inventory of about 904 dmt remained in the Port Sta. Maria warehouse.