TVI Pacific reports $2.1M profit for Q2

MANILA, Philippines - Canadian miner TVI Pacific Inc., the operator of the Canatuan copper mine in Zamboanga del Norte, reported a net income of the $2.1 million in the second quarter of 2012, a turnaround from $2.1 million in losses it incurred in the same period last year.

In the first quarter of the year, TVI Pacific recorded a net loss of $2.3 million.

TVI Pacific operates the Canatuan mine through it local affiliate TVI Resource Development (Phils.) Inc. (TVIRD).

In a financial report , TVI Pacific reported that its gross revenues for the second quarter rose to $26.5 million from $24.1 million in the same period last year.

Sales of concentrates from its Canatuan mine enabled the firm to reap in net revenues of $22.6 million, up seven percent from $21.2 million in the same period last year.

The revenue comprised two shipments of copper concentrate and one shipment of zinc concentrate.

Copper prices during the second quarter of the year dropped to $3.57 per pound from $3.85 per pound in the first quarter. Zinc prices also declined to $0.85 per pound in the second quarter from $0.94 in the first quarter.

Despite this, net income during the second quarter was higher because TVI Pacific only completed one copper concentrate shipment and one zinc concentrate shipment during the first quarter of 2012 and two copper concentrate shipments in the second quarter of 2011.

In the second quarter of 2012, TVI Pacific completed two copper concentrate shipments with a total volume of of 10,638 dry metric tons(dmt) and zinc concentrate shipment of approximately 5,062 dmt.

The firm expects to make shipments of approximately 5,000 dmt copper concentrate shipments every six to eight weeks, while while zinc concentrate shipments are expected to occur approximately every four to six months.