CANADIAN MINER TVI Pacific, Inc. posted profits last year after its Canatuan copper mine in Zamboanga del Norte reached full-scale operation.
The firm said in a statement yesterday that net income reached $18.32 million last year, a turnaround from a loss of $12.71 million reported in the previous year. Revenue jumped to $67.1 million from $5.97 million in 2008.
“A number of factors have contributed to our financial and operational success. After the sulphide plant at the Canatuan mine reached commercial production in March [last year], we were able to consistently ship concentrate almost every four weeks to generate cash flow,” TVI Pacific President Cliff James said in the statement.
Mr. James said the steady state of operations, as well as process improvements in Canatuan and the improvement in copper prices during the year, further strengthened the company’s cash position.
“This has allowed us to fast-track development drilling at Balabag gold project, pursue mine life expansion opportunities at Canatuan and advance plans to resume exploration activities at Tamarok,” Mr. James said.
The Balabag and Tamarok tenements are also located in Zamboanga del Norte.
Mr. James said his group plans to continue exploration activities at its 1,240-square-kilometer tenement in the Zamboanga Peninsula. The Balabag gold project is also a high priority because based on preliminary exploration results, the tenement has a potential to become a second production center for the company.
“We are moving our projects forward [and] we are capitalizing on our Philippine advantage. We have a proven strategy for growth and we will continue to execute on these strengths,” Mr. James said.
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