Mining firm to earn $10.5M in latest shipment-A A +A
By Bong Garcia
Thursday, October 4, 2012
THE TVI Resource Development Inc. (TVIRD) is expected to earn $10.5 million in gross revenue in its latest shipment of copper concentrate to a metal trading company abroad.
The TVIRD is into copper and zinc mining in Sitio Canatuan, Tabayo village, Siocon, Zamboanga del Norte.
The latest shipment, which is the 31st, has a volume of 5,026 dry metric tonnes (dmt) of copper concentrates that was shipped on Saturday from the port of Santa Maria, Siocon, Zamboanga del Norte.
TVIRD public affairs chief Gene Gregorio said the shipment was in accordance with the off-take agreement between TVIRD and MRI Trading AG (MRI).
MRI Trading AG, a metal trading company, trades in concentrates and other non-ferrous raw materials.
The company, which was founded in 2004, engages in trading copper, zinc, and lead non-ferrous concentrates and metals, as well as gold, molybdenum concentrates, and cobalt concentrates/metals.
Meanwhile, Gregorio said the remaining inventory of TVIRD is approximately 1,168 dmt of copper concentrate.
Gregoio said the production remains steady at the Canatuan mine, achieving copper concentrate grade levels between 18 and 25 percent.
TVIRD anticipates that future shipments of copper concentrate will continue approximately every six to eight weeks, Gregorio said.
TVIRD is the Philippine affiliate of TVI Pacific Inc., a publicly-traded Canadian company that is focused on the production, development, exploration and acquisition of resource projects in the Philippines.
TVIRD produces copper and zinc concentrates from its Canatuan mine in Siocon, Zamboanga del Norte.
It is pre-developing its Balabag gold and silver project in the municipality of Bayog, Zamboanga del Sur, and is carrying out exploration programs on its other North Zamboanga tenements.