8th shipment-kitco reportZAMBOANGA CITY—TVI Resource Development Inc. (TVIRD), the Philippine affiliate of TVI Pacific, is expected to earn $48.5 million in gross revenue this year as it recently completed its eighth shipment of copper concentrates to a Chinese smelter.
TVIRD spokesman Rocky Dimaculangan said the eighth shipment of copper concentrates was made on Monday last week from TVIRD’s warehouse facility at Santa Maria Port in Siocon, Zamboanga del Norte.
TVIRD began copper and zinc mining operations last year at Mount Canatuan, barangay Tabayo, Siocon town after mining gold in the same site.
Dimaculangan said TVIRD is expected to earn, in its latest shipment, gross revenues of $7.2 million from MRI Trading AG (MRI) for roughly 5,138 dry metric tons (dmt) of copper concentrates.
Dimaculangan said that with the latest shipment of copper concentrates, it brings TVIRD’s total expected gross revenues to $48.5 million, which includes price adjustments from previous shipments.
He said the shipment was in accordance with the off-take agreement previously entered into between TVIRD and MRI.
He said the off-take agreement provides that MRI will purchase all of the copper concentrates produced at Mount Canatuan over the anticipated life of the sulphide operation.
He said that to date, the Canatuan mine has produced approximately 41,000 dmt of copper concentrate.
Of that production, Dimaculangan said, 40,059 dmt has been sold through the off-take agreement with MRI.
He said the funds generated from the sale of the copper concentrates are expected to be allocated to budgeted capital and operations at Canatuan; exploration and development projects at Canatuan, Balabag and Tamarok; and debt service.
The latest shipment came about four weeks after the previous shipment, reflecting consistent operating throughput and concentrate production achieved by the mine in October, Dimaculangan said.
It is anticipated that future shipments of approximately 5,000 dmt each will occur every four weeks depending on specific shipping and marketing arrangements, Dimaculangan added.