Business
TVI Pacific completes third shipment of copper concentrates from Canatuan Mine
(TSX: TVI) - 3rd shipment brings total expected gross revenues to US$15.1 million - 13,842 dmt of...
About this update from Tvi Pacific Inc.
[{"type":"text","content":"\n\n\n\n(TSX: TVI)\n\n- 3rd shipment brings total expected gross revenues to US$15.1 million\n- 13,842 dmt of copper concentrates shipped since March\n\n\nCALGARY, May 28 /CNW/ - TVI Pacific Inc (TSX: "TVI" or the "Company")\nannounced today that its Philippine operating affiliate, TVI Resource\nDevelopment (Phils.), Inc. ("TVIRD"), completed its third shipment of copper\nconcentrates from the Canatuan Mine on May 27, 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 5,240 dry metric tonnes ("dmt") of\ncopper concentrates was shipped from the TVIRD warehouse facility at Santa\nMaria Port in Siocon, Zamboanga del Norte, destined for for a major Chinese\nsmelter. TVIRD is owed a partial payment, amounting to approximately US$4.28\nmillion, for the copper concentrates shipped on May 27, 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 by TVIRD 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 14,500 dmt of\ncopper concentrate. Of this production, 13,842 dmt have been shipped through\nthe offtake agreement with MRI, expected to generate gross revenues of\napproximately US$15.1 million, depending on final assays and prices. Once the\npartial payment for this third shipment is received from MRI, TVIRD will have\nreceived aggregate sales proceeds to date, from the sulphide operation, of\napproximately $12.1 million.\n\n\nIt is anticipated that future shipments of approximately 5,000 dmt to MRI\nwill occur every four to six weeks thereafter, depending on specific shi...