Canada TVI Pacific in deal for Philippine mine copper
MANILA, Nov 12 (Reuters) - Canadian mining firm TVI Pacific Inc (TVI.TO) said on Wednesday it had signed a five-year agreement with MRI Trading AG for the Swiss company to buy all the copper concentrate produced by TVI at its Philippine mine.
TVI said in a statement that construction of its sulphide plant at the Canatuan mine in the southern Zamboanga del Norte province is nearing completion and that start-up of mining and processing activities is scheduled for the middle of November.
TVI said the copper concentrates are ready for shipment starting in early 2009 and that they will be shipped from the port by MRI in lots of 5,000 tonnes.
The company estimates the project to produce 64 million ounces of copper, 21,000 tonnes of zinc and 31 ounces of gold and silver within the next six years and generate $3 million in monthly revenue in the first four years.
It was the second offtake deal that MRI Trading has signed with a Philippine mine operator this year.
In August, the privately owned Swiss firm inked a deal to buy 60,000 tonnes of copper concentrate from Atlas Consolidated Mining (AT.PS) with delivery by June 2009. (Reporting by Manolo Serapio Jr.; Editing by Ben Tan)
