TVI Resources Philippine profit up 67%
May 21st, 2007
Filed under: Mine - Canatuan, Mineral - Copper, Mineral - Gold, Operator - TVI Pacific, Operator - TVI Resource Dev., Region 09 - Zamboanga Del Norte
MANILA,, Philippines — Canadian mining firm TVI Pacific Inc. said its Philippine affiliate’s net income in the first quarter went up 67.3 percent to 2.4 million Canadian dollars, or about P102 million, as revenue rose 40.3 percent to 10.23 million Canadian dollars, or P425 million.
It said TVI Resource and Development (Philippines) Inc.’s gold output for the period went down 2.3 percent to 8,390 ounces while silver production went up 52.3 percent to 214,282 oz.
The Philippine unit’s Canatuan mine in the southern province of Zamboanga del Sur yielded 13,308 gold equivalent ounces (AuEqOzs), up 14 percent from the first quarter of 2006, it said.
Cliff James, TVI president and chief executive, said the Philippine unit completed several changes to the Canatuan plant that “had a short-term adverse effect on performance during the first quarter.”
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