PHILIPPINES – Sixth Canatuan shipment

TVI Pacific has completed its sixth shipment of copper concentrates from the Canatuan Mine, bringing the total amount of concentrates shipped from the sulphide operation to 29,705 dry metric tonnes (dmt) with expected gross revenue of US$34.1 million.
TVI’s Philippine operating affiliate, TVI Resource Development (Phils) (TVIRD) shipped the concentrates from its warehouse facility, at Santa Maria Port in Siocon, Zamboanga del Norte, in accordance with the offtake arrangement previously entered into between TVIRD and MRI Trading AG.
TVIRD expects to receive US$5.4 million from MRI for about 5264 dmt of concentrates, representing around 90% of the estimated value of the total shipment. Final payment for the remaining sale price of the concentrates is due once final details relating to weight, assays and prices are determined.
This shipment occurred four weeks after the previous shipment, reflecting increased operating throughput and concentrate production achieved by the mine. It is anticipated that future shipments of about 5000 dmt each will occur approximately every four weeks depending on specific shipping and marketing arrangements.
The offtake agreement provides that MRI will purchase all of the copper concentrates produced at Canatuan over the anticipated life of the sulphide operation. To date, the Canatuan Mine has produced about 31,300 dmt of copper concentrate.
Of that production, 29,705 dmt has been sold through the offtake agreement with MRI. Funds generated from the sale of the copper concentrates are expected to be allocated by TVIRD to working capital and debt service.
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