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MANILA - The local unit of Canada's TVI Pacific Inc. shipped copper concentrate worth $10.9 million last week, its 30th shipment out of the Canatuan mine in Zamboanga del Norte.
In a statement, TVI Resources Development (Phils.) Inc. said the shipment made on August 9 reached 5,249 dry metric tons, containing 18.4 percent copper.
The shipment is consigned to MRI Trading AG under an off-take agreement with TVIRD.
The mining firm said it has 959 dry metric tons of copper concentrate left in its inventory.
Future shipments of copper concentrate will happen every six to eight weeks, TVIRD said.
An independent study of the company’s Balabag gold project showed mineral resources running to 1.78 million tons, averaging 2.34 grams per ton of gold and 72.3 grams per ton of silver and containing 134,262 ounces of gold and 4,148,196 ounces of silver.
Listed at the Canadian bourse, TVI produces copper and zinc concentrates from the Canatuan mine and has interests in an offshore oil field in the Philippines. Its Balabag gold and silver project is in pre-development phase. The company also is exploring other areas in northern Zamboanga.
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