Aug 12 2010
TVI Pacific Inc. (TSX:TVI) or (the "Company") announced today that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. ("TVIRD"), completed its sixteenth shipment of copper concentrates produced at the Canatuan Mine on August 7, 2010.
- Gross revenue expected from sixteenth shipment US$7.8 million
- Gross revenue year to date US$50.8 million
- Copper concentrates shipped year to date 31,285 dmt
Copper production remains steady at Canatuan. Copper concentrate grade levels have been kept around 20 percent. Current production plans call for maintaining production at these concentrate grade levels in preparation for the next shipment scheduled in approximately six weeks.
The concentrates were shipped from the TVIRD warehouse facility at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement previously entered into between TVIRD and MRI Trading AG ("MRI"). TVIRD expects to earn gross revenues of US$7.8 million from MRI for 5,238 dry metric tonnes ("dmt") of copper concentrates.
The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. After the sixteenth shipment, inventory of about 173 dmt remained in the Port Sta. Maria warehouse.