In late September TVI Pacific’s Philippine operating affiliate, TVI Resource Development (Phils) TVIRD), completed its 24th shipment of copper concentrate produced at the Canatuan mine.
There were 5369 dry metric tonnes (dmt) of concentrate shipped containing 23.7% copper. Gross revenue of US$14.8 million will be received for the shipment, which left an inventory of 1255 dmt of copper concentrate in storage.
The 24th shipment left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement between TVIRD and MRI Trading AG.
Copper production remains steady at the Canatuan mine, achieving copper concentrate grade levels between 23 and 25%. It is anticipated that future shipments of copper concentrate will continue every six to eight weeks.
TVI Pacific is a publicly-traded resource company focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper and zinc concentrates from its Canatuan mine, is developing its Balabag gold-silver property for anticipated production in the second half of 2012 and is carrying out an exploration program at its Tamarok copper-gold property.