TVI Pacific Inc announced that its Philippine operating affiliate,TVI Resource Development Inc completed its 33rd shipment of copper concentrate produced at the Canatuan mine,on December 13th 2012.
1.4,419 dry metric tonnes of concentrate was shipped containing 18.01%copper;
2.Gross revenue of approximately USD 10.0 million is expected to be received for the shipment;and
3.Inventory of 389 dmt of copper concentrate is currently in storage.
The 33rd shipment of 4,419 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 December 14th 2012.TVIRD expects to earn gross revenue of approximately USD 10.0 million from MRI for this shipment(pending final assay and price adjustments).Remaining in inventory is approximately 389 dmt of copper concentrate.
Production remains steady at the Canatuan mine,achieving copper concentrate grade levels between 17 and 20%.TVIRD anticipates that future shipments of copper concentrate will continue approximately every six to eight weeks.
Source-TVI Pacific
