TVIRD completes 31st copper shipment

MANILA, Philippines - Canadian miner TVI Pacific Inc. (TVI) has completed its 31st copper concentrate shipment from its Canatuan mine in the Zamboanga peninsula.

TVI operates in the country through its local arm TVI Resource Development Phils Inc. (TVIRD).

The Sept. 29 shipment of 5,026 dry metric tons (dmt) of concentrate containing 18.25-percent copper has a gross value of $10.5 million.

The shipment left the port of Santa Maria in Siocon, Zamboanga del Norte in accordance with the off-take arrangement between TVIRD and MRI Trading AG (MRI).

Currently in the company’s storage is an inventory of 1, 168 dmt of copper concentrate.

TVIRD said production at the Canatuan mine remains steady, achieving copper concentrate grade levels between 18 and 25 percent.

TVIRD anticipates that future shipments of copper concentrate will commence every six to eight weeks.

TVI produces copper and zinc concentrates from its Canatuan mine, and is pre-developing its Balabag gold and silver project in Zamboanga.

The company is also carrying out exploration programs on its other Zamboanga tenements in the Zamboanga Peninsula such as the Malusok property which, if it becomes operational, would extend the lifespan of the Canatuan mine beyond 2013.