Canadian miner wants to develop Zamboanga site
MANILA, Philippines - TVI Resource Development Phils Inc. (TVIRD), the local affiliate of Canadian miner TVI Pacific Inc., is looking to develop the mineral-rich Malusok site in Zamboanga del Norte, but is barred from doing so by a government moratorium.
TVIRD is currently extracting ore from its Canatuan mine, but company geologists estimate that ore deposits will be depleted by the end of 2013.
The company is eyeing the Malusok site to extend the life of the Canatuan mine. The site is located 3 kilometers away from the mine and within the 8,000-hectare land covered by an ancestral domain title held by the Subanon tribe. TVIRD said the tribe had given consent to the plan to mine the site.
TVIRD is prevented however from conducting further exploration due to Executive Order 79, which imposed a moratorium on the issuance of new mining permits as well as the expansion of existing contract areas.
The mining policy prohibits the issuance of new permits pending the passage of a law rationalizing the revenue-sharing scheme between the government and mining industry.
TVIRD recently completed its fifth shipment of zinc concentrate produced at the Canatuan mine on December 18.
The shipment of 4,470 dry metric tons (dmt) of zinc concentrate containing 47.47% zinc left the port of Santa Maria in Siocon, Zamboanga del Norte, in accordance with the off-take arrangement between TVIRD and MRI Trading AG on December 19.
TVIRD expects to receive gross revenue of approximately US$3.8 million from MRI for this shipment pending final assay and price adjustments.
TVI Pacific said production remains steady at the Canatuan mine, with copper concentrate grade levels falling between 17% and 20%, and zinc concentrate grade levels between 47% and 55%. The company expects zinc concentrate shipments in 2013 to occur every 4 to 6 months. - Rappler.com