Mining firm TVI Resource Development Philippines Inc. (TVIRD) managed to send out the seventh and final cargo of zinc concentrate from the Canatuan mine in Zamboanga del Norte, which the company has decommissioned.
Canada-based TVI Pacific Inc. said in a statement its Philippine affiliate expected to earn about $3.3 million from the shipment.
The cargo consists of 5,069 dry metric tons of concentrate that contains 42.25 percent zinc. It was sent to MRI Trading AG, with which TVIRD has an off-take agreement.
Actual gross revenue from the shipment will be determined following a final analysis of the material and price adjustments, which may take a few months and which are done at the buyer’s end.
“This is the last zinc concentrate shipment from the current mining operations as ore reserves from the open pit have been exhausted,” the company said.
“It is expected that at least one more shipment of copper concentrate will be scheduled,” TVI added, referring to a possible 38th cargo of copper from Canatuan.
Earlier this week, TVI announced the closure of milling operations at Canatuan after having exhausted its remaining stockpile of ores.