TVI Pacific profit falls in first quarter

MANILA, Philippines -  Canadian miner TVI Pacific Inc., which controls Philippine mining firm TVI Resources Development, reported a lower net income of $268 thousand in the first quarter this year compared to its net income of $1.2 million in the same period last year.

In a disclosure to the Canadian stock exchange, TVI likewise said its net revenue for the quarter dropped to $10. 8 million compared to the $18.5 million it earned in the comparable quarter last year.

However, TVI explained that its lower revenue and net income during the quarter was due to a delay in the shipment of its copper concentrate.

TVI said it was originally scheduled to complete two shipments in the first quarter of this year. Unfortunately, the vessel was delayed for the second shipment. As a result, the company received gross revenue in the first quarter of $11.3 million for 4,997 dry metric tons (dmt) of copper concentrate for the 20th shipment.

TVI also reported that it is completing additional documentation required by the Philippine government for an exploration permit it is applying for its Greater Canatuan tenement area in Zamboanga.

As for its Balabag project( also in Zamboanga), TVI said it remains a high priority project, while it is in also advancing its exploration activities for its North Zamboanga tenement area.

TVI is also looking at a possible petroleum and natural gas contract in the Philippines.