TVIRD completes second zinc shipment as mining ban looms PDF Print E-mail
Tuesday, 03 January 2012 17:39

Canadian miner TVI Pacific Inc., has completed the second shipment of zinc concentrate worth nearly $5 million extracted from Canatuan, Zamboanga del Norte.
The firm said in a statement posted on its Web site late Thursday that its local affiliate TVI Resource Development (Phils.) Inc. (TVIRD)shipped 5,344 dry metric tonnes of zinc concentrate containing 50.4% zinc to MRI Trading AG last week.

“TVIRD expects to receive a gross revenue of approximately $4.7 million from MRI for this shipment,” the firm said.

The firm made its first shipment of 1,381 DMT of zinc concentrate containing 51.9% zinc valued at $1.4 million in July.

TVI Pacific said it expects its zinc concentrate shipments for next year to occur every four to six months as production at the Canatuan mine remains steady. The mine has a remaining life of two years.

The provincial government of Zamboanga del Norte, however, imposed a ban on open pit mining in the area which will take effect next year.

Last month, TVIRD filed a case in a Dipolog City court for a temporary restraining order against the ordinance, saying the measure goes against provisions of the
Local Government Code of 1991 and the Philippine Mining Act of 1995.