TVI Pacific swings back to profits in Q2 on more shipments

MANILA, Philippines – Canadian miner TVI Pacific Inc, the operator of the Canatuan copper mine in Zamboanga del Norte, reported a net income of U$2.1 million in the second quarter of 2012, a full 180-degree turnaround from $2.1 million in losses it incurred in the same period last year on higher shipment revenues.

With its net loss of $2.3 million in the first quarter, however, TVI Pacific’s first half remains in the red at $0.2 million.

TVI Pacific operates the mine south of the Philippines through it local affiliate TVI Resource Development (Phils.), Inc. (TVIRD).

Gross revenues for the second quarter rose to $26.5 million from $24.1 million a year ago, its financial report issued on August 15 showed.

The revenue comprised two shipments of copper concentrate and one shipment of zinc concentrate.

Sales of concentrates from its Canatuan mine enabled the firm to reap in net revenues of $22.6 million, up by 7% from $21.2 million from a year ago.

Copper prices during the second quarter of the year dropped to $3.57 per pound from $3.85 per pound in the first quarter. Zinc prices also declined to $0.85 per pound in the second quarter from $0.94 in the first quarter.

The average copper mill feed grade during the second quarter of 2012 was 0.92 percent compared to 0.85 percent during first
quarter of 2012. – Rappler.com