THE 2009 gross revenue of TVI Resource Development, Incorporated (TVIRD) has reached to $64.1 million after the firm made its recent copper concentrates shipment last month to a Chinese smelter.
It was the 10th shipment of copper concentrates by TVIRD since its started mining for copper and zinc on November of 2008.
TVIRD's first shipment of copper concentrates was in March 2009.
TVIRD information Officer Rocky Dimaculangan said Tuesday the 10th shipment of copper concentrates was made last December 29 in accordance with the off-take arrangement previously entered into between TVIRD and MRI Trading AG (MRI).
Dimaculangan said the company is expected to earn gross revenues of $7.7 million from MRI for the roughly 5,284 dry metric tonnes (dmt) of copper concentrates that was shipped last December 29.
With the latest shipment, Dimaculangan said the total expected gross revenues of TVIRD will reach to a total of $64.1 million, which included price adjustments from previous shipments.
The TVIRD is specialized in copper and zinc mining in Mount Canatuan, Barangay Tabayo, Siocon, Zamboanga del Norte.
The off-take agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation.
Dimaculangan said the Canatuan mine continues to achieve a consistent operation 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, Dimaculangan said.
He said to date the Canatuan mine has produced approximately 52,400 dmt of copper concentrate.
Of that production, 50,085 dmt has been sold through the off-take agreement with MRI, leaving inventory of about 2,300 dmt after the tenth shipment.
Dimaculangan said the funds generated from the sales 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. (Bong Garcia)