THE TVI Resource Development Inc. (TVIRD), the country's affiliate of TVI Pacific, announced that the company is set to earn at least $7.8 million in gross revenues in its latest shipment of copper concentrates, the firm said Thursday.
TVIRD public affairs director Rocky Dimaculangan said they have completed last Tuesday the 16th shipment of copper concentrates produced at Canatuan Mine in the village of Tabayo, Siocon, Zamboanga del Norte.
Dimaculangan said the copper concentrates were shipped from the TVIRD warehouse facility at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement previously entered into between TVIRD and a Chinese smelter, the MRI Trading AG (MRI).
The off-take agreement provides that the MRI will purchase all of the copper concentrates produced at Canatuan mine over the anticipated life of the sulphide operation.
The TVIRD is the Philippine affiliate of TVI Pacific, Inc. a publicly-listed Canadian mining company focused on the exploration and production of precious and base metals from district scale large system, high margin projects located in the Philippines.
rDimaculangan said they expects to earn gross revenues of $7.8 million increasing year-to-date revenues to $50.8 million on total copper concentrate shipments of 31,285 dry metric tonnes (dmt).
The 16th shipment of TVIRD to the MRI consisted of 5,238 dmt of copper concentrates, according to Dimaculangan.
Dimaculangan disclosed that an inventory of about 173 dmt of copper concentrates remained at the Port Santa Maria warehouse after the company completed its 16th shipment.
Dimaculangan disclosed that TVIRD's copper production remains steady at Canatuan mine citing the copper concentrate grade levels have been kept around 20 percent.
He added that the current production plans call for maintaining production at these concentrate grade levels in preparation for the next shipment scheduled in approximately six weeks. (Bong Garcia)