MANILA, Philippines - Canadian miner TVI Pacific, Inc. has stopped milling operations in its Canatuan copper-zinc mine in Zamboanga del Norte, having exhausted its remaining stockpile.
The company has also completed its last zinc concentrate shipment of 5,069 dry metric tons (DMT) containing 42.25 percent zinc. Gross revenue of $3.3 million is expected to be received for the shipment.
The company said ore reserves from the open pit have been exhausted but at least one more shipment of copper concentrate would be scheduled.
TVI said milling operations in the Canatuan mine have been stopped pending the results of assessments conducted on the possibility of extending the mine’s lifespan.
The processing plant of the mine would be cleaned, but the equipment would not be dismantled while the company continues to assess the possible extension of mine life and expansion of the Mineral Production and Sharing Agreement (MPSA) area.
It’s local arm TVI Resource Development Philippines, Inc. (TVIRD) is seeking regulatory approval for expansion of the mine’s MPSA area.
During the mine’s 5.9 year lifespan, the company has made 38 shipments of copper concentrate for a total volume of 195,660 DMT and seven shipment of zinc concentrate for a total volume 30,548 DMT.
Production during the mine life exceeded targets of 119,800 DMT of copper concentrate and 6, 100 DMT of zinc concentrate.
TVI is now pre-developing the proposed Balabag Gold-Silver Project in Sitio Balabag in Zamboanga del Sur.
The government recently granted an Environmental Compliance Certificate (ECC) for the project.
TVIRD holds a MPSA covering 4,779 hectares in Balabag.
TVI Pacific said the current indicated mineral resource in the tenment is currently estimated to be 1.78 million tons averaging 2.34 grams per ton of gold and 72.3 grams per ton of silver, containing 134,262 ounces of gold and 4,148,196 ounces of silver.