|37th shipment completed
||September 12, 2013
|38th shipment expected
|6th shipment completed
||July 27, 2013
|7th shipment expected
It is anticipated that shipments of copper concentrate will occur every six to eight weeks and shipments of zinc concentrate will occur every four to six months depending on ship availability and marketing arrangements.
- Volcanogenic massive sulphide deposit (Copper / Zinc / Gold / Silver)
- Off-take agreement for the duration of the mine life
- Mine life extension on surrounding tenements
The Canatuan mine is a volcanogenic massive sulphide (VMS) deposit located in the Province of Zamboanga del Norte on the island of Mindanao in the Philippines. From 2004 to mid-2008 TVI produced gold and silver doré from an overlying gossan (oxidized) portion of the deposit. As this upper portion of the orebody was mined out, the underlying, primary sulphide portion of the deposit, containing copper and zinc, was exposed. By March 2009, TVI had finished the construction of a new sulphide production plant and commenced commercial production of copper concentrate. In April 2010, TVI completed construction of a Zinc Circuit that allowed for the production of zinc concentrate. The highly complex nature of the Canatuan ore required careful and deliberate mining and processing to insure that the contaminants such as zinc in the copper concentrate, arsenic, lead, mercury and other penalty elements are cleared to within market specifications. Selective mining and strict plant feed blending regimes were defined and continued to be maintained through a batch testing procedure that was introduced early on in the operations As production continues, continuous adjustments are made at the plant to produce the largest volume of concentrates (copper and zinc) with the highest grade and metal recovery.
During second quarter 2013, mill throughput averaged 2,593 dry metric tonnes per day, totalling 235,922 tonnes. As projected, only a portion of original ore reserves was consumed due to the additional material found and mined during the period. This material, consisting of banded sulphides with low-grade chlorite schists, was used as a blending material to optimize mill recoveries and was located both inside and outside the pit shell and not included in the original ore reserves. An updated tonnage estimate based on lithologic logs and assay data in exploration holes is being examined with the assumption that the mineralized horizon could extend beyond the currently planned pit boundary. Detailed metallurgical and ore reserve studies will continue to be undertaken to determine future processing scenarios and their potential impacts on the ore reserves and mine life.
Based on average daily mill throughput going forward of 2,600 tonnes per day, open-pit mining is estimated to be completed by the fourth quarter of this year while mill processing and concentrate shipments are expected to continue into the first quarter of 2014 (subject to change in throughput to meet shipping commitments).
Approximately 5,000-dry-metric-tonne copper concentrate shipments are expected to occur approximately every six to eight weeks, while zinc concentrate shipments are expected approximately every four to six months. To date, 36 copper concentrate shipments of approximately 5,000 dry metric tonnes each and six zinc concentrate shipments have been completed, totalling 25,456 dry metric tonnes. TVI expects to complete a further two copper concentrate shipments and one zinc concentrate shipment through 2013, in addition to the zinc concentrate shipment completed July 27, 2013.