THE TVI Resource Development, Incorporated (TVIRD), the Philippines affiliate of TVI Pacific, is expected to earn $48.5 million gross revenue this year.

It was learned that TVIRD recently completed its eight shipment of copper concentrates to a Chinese smelter.

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TVIRD spokesman Rocky Dimaculangan said the eight shipment of copper concentrates was made last Monday from TVIRD's warehouse facility at Santa Maria Port in Siocon, Zamboanga del Norte.

TVIRD is into mining operation at Mount Canatuan in the village of Tabayo, Siocon town.

Dimaculangan said TVIRD is expected to earn, in its latest shipment, gross revenues of $7.2 million from MRI Trading AG (MRI) for roughly 5,138 dry metric tonnes (dmt) of copper concentrates.

Dimaculangan said with the latest shipment of copper concentrates, it brings the TVIRD's total expected gross revenues to $48.5 million, which includes price adjustments from previous shipments.

The shipment was in accordance with the offtake agreement previously entered into between the TVIRD and MRI, Dimaculangan said.

He said the offtake agreement provides that MRI will purchase all of the copper concentrates produced at Mount Canatuan over the anticipated life of the sulphide operation.

He said to date the Canatuan mine has produced approximately 41,000 dmt of copper concentrate.

Of that production, Dimaculangan said 40,059 dmt has been sold through the offtake agreement with MRI.

He said the 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.

The latest shipment came about four weeks after the previous shipment, reflecting consistent operating throughput and concentrate production achieved by the mine in October, Dimaculangan said.

It is anticipated that future shipments of approximately 5,000 dmt each will occur every four weeks depending on specific shipping and marketing arrangements, he said. (Bong Garcia)