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TVI Pacific announces completion of sixth shipment of copper concentrates produced at Canatuan
(TSX: TVI) - Sixth shipment brings total expected gross revenue to US$34.1 million - Total of 29,...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\n(TSX: TVI)\n\n\n- Sixth shipment brings total expected gross revenue to US$34.1 million\n\n- Total of 29,705 dmt of copper concentrates shipped to date from\n Sulphide operation\n\n\nCALGARY, Sept. 2 /CNW/ - TVI Pacific Inc. (TSX: "TVI" or the "Company")\nannounced today that its Philippine operating affiliate, TVI Resource\nDevelopment (Phils.), Inc. ("TVIRD"), has completed its sixth shipment of\ncopper concentrates produced at the Canatuan Mine on August 31, 2009. The\nconcentrates were shipped from the TVIRD warehouse facility, at Santa Maria\nPort in Siocon, Zamboanga del Norte, in accordance with the offtake\narrangement previously entered into between TVIRD and MRI Trading AG ("MRI").\n\n\nTVIRD expects to receive a total of US$5.4 million from MRI for roughly\n5,264 dry metric tonnes ("dmt") of copper concentrates, representing\napproximately 90% of the estimated value of the total shipment. Final payment\nfor the remaining sale price of the concentrates (approximately 10%) is due\nonce final details relating to weight, assays and prices are determined.\n\n\nThis shipment occurred four weeks after the previous shipment, reflecting\nincreased operating throughput and concentrate production achieved by the mine\nin August. It is anticipated that future shipments of approximately 5,000 dmt\neach will occur approximately every four weeks depending on specific shipping\nand marketing arrangements.\n\n\nThe offtake agreement provides that MRI will purchase all of the copper\nconcentrates produced at Canatuan over the anticipated life of the sulphide\noperation. To date, the Canatuan Mine has produced approximately 31,300 dmt of\ncopper concentrate. Of that production, 29,705 dmt has been sold through the\nofftake agreement with MRI. Funds generated from the sale of the copper\nconcentrates are expected to be allocated by TVIRD to working capital and debt\nservice.\n\n\nAbout TVI Pacific Inc. (TSX: TVI)\n---------------------------------\n\n\nTVI Pacific Inc. is a publicly traded Canadian mining company focused on\nexploring for, developing and producing precious and base metals within\ndistrict-scale systems in the Philippines. The Company's interest in the\nCanatuan Mine and its other Philippine assets are held through its affiliate,\nTVI Resource Development (Phils.) ...