Thursday, September 03, 2009

TVIRD completes 6th shipment of Canatuan copper concentrates

TVIRD officials headed by its President Eugene Mateo and John Ridsdel, Senior Vice President and Chief Operating Officer, pose with Siocon Subanon tribal leaders, among them is Timuoy Jose Anoy, during a recent reunification ceremony between tribal chieftains in Mount Canatuan in Zamboanga del Norte province in the southern Philippines. (Mindanao Examiner Photo)

ZAMBOANGA DEL NORTE, Philippines (Mindanao Examiner / September 3, 2009) - The TVI Resource Development (Phils.), Inc. (TVIRD) on Thursday said it has completed its sixth shipment of copper concentrates produced at the Canatuan Mine in Zamboanga del norte's Siocon town.

It said the concentrates were shipped from the TVIRD warehouse facility at Santa Maria Port in Siocon in accordance with the offtake arrangement previously entered into between TVIRD and MRI Trading AG (MRI).

The company said it expects to receive a total of US$5.4 million from MRI for roughly 5,264 dry metric tonnes (dmt) of copper concentrates, representing approximately 90% of the estimated value of the total shipment.

Final payment for the remaining sale price of the concentrates (approximately 10%) is due once final details relating to weight, assays and prices are determined, it said.

“This shipment occurred four weeks after the previous shipment, reflecting increased operating throughput and concentrate production achieved by the mine in August. It is anticipated that future shipments of approximately 5,000 dmt each will occur approximately every four weeks depending on specific shipping and marketing arrangements,” the company said in a statement.

The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. To date, the Canatuan Mine has produced about 31,300 dmt of copper concentrate. Of that production, some 29,705 dmt has been sold through the offtake agreement with MRI, bringing the company’s total expected gross revenue to US$34.1 million for 2009.

It said funds generated from the sale of the copper concentrates are expected to be allocated by TVIRD to working capital and debt service.
(Mindanao Examiner)

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