LONDON (Alliance News) - Bluebird Merchant Ventures Ltd on Thursday said it has received payment from the smelter for the initial test shipment of copper concentrate, in line with management expectations.
The natural resources sector investor said it expects to renew its agreement with the smelter and to commence making regular shipments from July onwards. Bluebird said it has taken the decision to sell the concentrates to a local smelter, saying it is "advantageous for the Philippines if mineral processing occurs within the country".
The construction of the laboratory and improvements at the processing plant are on schedule and nearing completion, Bluebird Merchant said.
"Receiving payment from the smelter completes the trade cycle for the test shipment and demonstrates proof of concept. The construction of the laboratory and upgrades at the processing plan will enable the business to operate more efficiently. We now look forward to renewing the smelter agreement and commencing regular shipments and developing a profitable trading business," said Chief Executive Charles Barclay.
Shares in Bluebird Merchant were flat at 4.00 pence on Thursday.
By Hannah Boland; hannahboland@alliancenews.com; @Hannaheboland
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Bluebird Merchant Venture (BMV)