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TVI Pacific announces second shipment of copper concentrates produced at Canatuan
(TSX: TVI) CALGARY, May 4 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company") announced today t...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\n(TSX: TVI)\n\n\nCALGARY, May 4 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company")\nannounced today that its Philippine operating affiliate, TVI Resource\nDevelopment (Phils.), Inc. ("TVIRD"), completed an additional shipment of\ncopper concentrates from the Canatuan Mine on May 2, 2009.\n\n\nCertain statements in this News Release constitute forward-looking\nstatements, including statements respecting the intended use of funds\ngenerated from the sale of copper concentrates produced at Canatuan and the\nanticipated timing and quantities of future shipments of copper concentrates\nfrom Canatuan.\n\n\nIn accordance with the offtake arrangement between TVIRD and MRI Trading\nAG ("MRI"), a second shipment of approximately 3,251 dry metric tonnes ("dmt")\nof copper concentrates was shipped from the TVIRD warehouse facility at the\nSanta Maria Port in Siocon, Zamboanga del Norte, destined for for a major\nChinese smelter. TVIRD is owed a partial payment, amounting to approximately\nUS$2.3 million, for the copper concentrates shipped on May 2, 2009. Under the\nofftake agreement, final payment for the remaining sale price of the\nconcentrates is due once the final details relating to the weight, assays and\nprices are determined. Funds generated from the concentrate shipments are\nintended to be allocated towards working capital and operating costs in\ncontinuing mine operations.\n\n\nTVIRD completed its first 5,351-tonne shipment of copper concentrates\nfrom the warehouse facility at the Santa Maria Port on March 27, 2009, for\nwhich TVIRD has received a provisional payment equal to 90% of the estimated\nvalue of that shipment, amounting to approximately US$4.9 million. Under the\nofftake agreement, final payment for the first shipment is due once the final\ndetails relating to the weight, assays and prices are determined.\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 10,560 dmt of\ncopper concentrate. Of this production, 8,602 dmt have been shipped through\nthe offtake agreement with MRI and 1,958 dmt are currently stored at the TVIRD\nfacilities, waiting for subsequent shipment arrangements. It is antic...