Business
TVI Pacific completes fifth shipment of copper concentrates from Canatuan Mine
- 5th shipment brings total expected gross revenues to US$27 million - Shipment expected to gener...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\n- 5th shipment brings total expected gross revenues to US$27 million\n- Shipment expected to generate initial payment of US$5.1 million\n- 24,441 dmt of copper concentrates shipped from Sulphide operation\n\n(TSX: TVI)\n\n\nCALGARY, Aug. 10 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company")\nannounced today that its Philippine operating affiliate, TVI Resource\nDevelopment (Phils.), Inc. ("TVIRD"), completed its fifth shipment of copper\nconcentrates from the Canatuan Mine on August 6th, 2009.\n\n\nCertain statements in this News Release constitute forward-looking\nstatements, including statements respecting expected revenues, the intended\nuse of funds generated from the sale of copper concentrates produced at\nCanatuan and the anticipated timing and quantities of future shipments of\ncopper concentrates from Canatuan.\n\n\nIn accordance with the offtake arrangement between TVIRD and MRI Trading\nAG ("MRI"), a shipment of approximately 5,317 dry metric tonnes ("dmt") of\ncopper concentrates was shipped from the TVIRD warehouse facility at Santa\nMaria Port in Siocon, Zamboanga del Norte. TVIRD is to receive a partial\npayment from MRI, value dated August 11th, amounting to approximately US$5.1\nmillion or 90% of the initial estimated value of the cargo less applicable\ndeductions, for the copper concentrates shipped. Under the offtake agreement,\nthe final payment for the remaining sale price of the concentrates is due once\nthe final details relating to the weight, assays and prices are determined.\nFunds generated from the concentrate shipments are intended to be allocated by\nTVIRD towards working capital and debt service.\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 26,200 dmt of\ncopper concentrate. Of this production, 24,441 dmt have been shipped through\nthe offtake agreement with MRI, generating estimated gross revenues of\napproximately US$27 million pending final assay tests and prices.\n\n\nIt is anticipated that future shipments of approximately 5,000 dmt to MRI\nwill occur every four to six weeks depending on specific shipping and\nmarketing arrangements.\n\n\nTVIRD received payments...