TVI Pacific Inc. announced that its Philippine operating affiliate, TVI Resource Development (Phils.), Inc. (TVIRD), completed its 32nd shipment of copper concentrate produced at the Canatuan mine, on November 4.
It said 5,083 dry metric tonnes of concentrate was shipped containing 18.13% copper; and gross revenue of approximately US$11.5 million is expected to be received for the shipment; and inventory of 621 dmt of copper concentrate is currently in storage.
The 32nd shipment of 5,083 dmt of copper concentrate left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement between TVIRD and MRI Trading AG on November 4.
TVIRD said it expects to earn gross revenue of approximately US$11.5 million from MRI for this shipment (pending final assay and price adjustments). The remaining in inventory is approximately 621 dmt of copper concentrate.
Production remains steady at the Canatuan mine, achieving copper concentrate grade levels between 17 and 20 percent. TVIRD anticipates that future shipments of copper concentrate will continue approximately every six to eight weeks.
Link: http://www.tvipacific.com/Investors/news/News-Release-Details/2012/TVI-Pacific-Inc-Completes-32ND-Shipment-of-Copper-Concentrate1131863/default.aspx
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