MANILA, Philippines - Canadian miner TVI Pacific, Inc. has completed the third shipment of zinc concentrate and the 27th shipment of copper concentrate valued at $17.1 million from the Canatuan mine in Zamboanga del Norte.
In a statement posted on its website late Friday, TVI Pacific said its local affiliate TVI Resource Development (Phils.), Inc. (TVIRD) shipped 3,872 dry metric tons (DMT) of zinc concentrate containing 49.55 percent of zinc.
It said TVIRD likewise produced 6,033 DMT of copper concentrate containing 18.09 percent of copper.
Both shipments, it said were sent to MRI Trading AG this month under an off-take agreement with TVIRD.
“TVIRD expects to earn gross revenue of approximately $17.1 million from MRI for these shipments,” TVI Pacific said.
TVI Pacific said an inventory of 1,430 DMT of copper concentrate and 677 DMT of zinc concentrate is currently in storage.
TVIRD said earlier it has plans of extending the life of the Canatuan mine by four years from this year by exploring properties around the site.
The plan to extend the life of the Canatuan mine had earlier been threatened by an ordinance which bans open pit mining in the province.
The ordinance mandates TVIRD to halt its operations by November this year.
In January, TVIRD was granted a preliminary injunction against the implementation of the ban on open-pit mining.
TVI Pacific said that at present, production remains steady at the Canatuan mine.
“It is anticipated that future shipments of copper concentrate will continue every six to eight weeks, while future shipments of zinc concentrate will occur every four to six months,” it said further.