Nyrstar NV

Published : April 27th, 2011

2011 First Interim Management Statement

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Keywords :   Copper | Dollar | Euro | G Mexico | Gold | Lead | Lme | Market | Mexico | Silver | Zinc |
   

Published: 07:00 CEST 27-04-2011 /Thomson Reuters /Source: Nyrstar /XBRU: NYR /ISIN: BE0003876936

Nyrstar: 2011 First Interim Management Statement


27 April 2011

HIGHLIGHTS

Continuing to deliver solid operating performance

  • Zinc in concentrate production up 64% in Q1 2011 compared to Q4 2010
  • Zinc metal production from smelters was 282,000 tonnes in Q1 2011 close to the record production achieved in Q4 2010 (291,000 tonnes)

Strong financial position with successful completion of rights offering

  • Successfully completed rights offering for �490 million in March 2011

Continuing to deliver on strategy

  • Successfully completed the acquisition of the Campo  Morado  mining  operation  in  Mexico for approximately �296 million in January 2011
  • Exceeded 30% integration target in January 2011 based on full production of existing assets (including the Talvivaara streaming agreement and the Campo Morado operation)
  • Continue to actively explore opportunities to achieve medium term goal of a 50% integration level

 

Production

Q1 2011

Q4 201

Change %


Zinc in concentrate ('000 tonnes)

41

25

64%

Zinc metal ('000 tonnes)

282

291

-3%

Lead metal ('000 tonnes)

54

62

-13%

Market


 

 

Average LME zinc price (US$/t)

2,393

2,315

3%

Average exchange rate (�/US$)

1.37

1.36

1%

Zinc in concentrate production from Nyrstar's mining operations was up 64% in Q1 2011 compared to Q4 2010, with the continued ramp-up of the mines (including the Talvivaara streaming agreement) and the addition of the Campo Morado operation in January 2011. As previously announced, the East Tennessee Mines (Young, Coy and Immel), Coricancha and Contonga mines were all operating at their full production capacity by the end of 2010.

In Q1 2011, t
he Middle Tennessee Mines (Gordonsville, Cumberland and Elmwood) demonstrated a continued improvement in their ramp-up and produced approximately 6,000 tonnes of zinc in concentrate (up 50% compared to Q4 2010). At the end of Q1 2011 Gordonsville was operating at full production capacity, Cumberland was operating at approximately 50% capacity (and expected to ramp-up to full production capacity by the end of Q2 2011), and Elwood was operating at approximately 25% capacity with de-watering continuing (with full production capacity expected to be reached by the end of Q4 2011).

In Q1 2011, Talvivaara Mining Company Plc announced record quarterly mine production from the ramp-up of their mining operations with deliveries of approximately 8,000 tonnes of zinc in concentrate during the quarter to Nyrstar under the streaming agreement. This production confirms continued progress in the ramp-up of their operations with an increase on deliveries against Q4 2010 of 60%.

Nyrstar's other mining operations (Pucarrajo and Campo Morado) are both currently ramping-up in line with previous guidance.

Smelter production in Q1 2011 was approximately 282,000 tonnes of zinc metal, close to the record production achieved in Q4 2010 (291,000 tonnes) with all of the smelters, except for Auby and Budel, operating at or close to full production volumes.  Production at the Auby smelter was impacted in March 2011 due to a strike at the plant that temporarily suspended operations whilst production at Budel was impacted by a planned roaster stop that had been brought forward from September 2011 to March 2011.

Lead metal production in Q1 2011 was 12% lower than Q4 2010, primarily due to acid plant and overhead crane performance issues at Port Pirie that caused the blast furnace to run at a reduced rate during part of the quarter. These temporary production issues have now been resolved and the Port Pirie smelter is expected to produce lead at or close to full capacity for the remainder of the year. 

Nyrstar has now exceeded its target 30% integration level, based on full production of its existing mines (including the Talvivaara streaming agreement and the Campo Morado operation that was acquired in January 2011). At full production Nyrstar's current zinc mining operations would be one of the ten largest in the world based on 2010 production according to Brook Hunt.

Financial performance in Q1 2011 benefited from the average zinc price increasing by 3% to US$2,393/t compared to Q4 2010. However, this was partially offset by the euro appreciating against the dollar by 1% to average 1.37 during the quarter (impacting Nyrstar's earnings as they are largely denominated in US dollars, whereas a substantial proportion of operating costs are denominated in euros).

In March 2011, Nyrstar successfully completed its rights offering in the amount of approximately �490 million (the "Rights Offering"). Nyrstar  intends  to  use  the  net  proceeds  from  the  Rights Offering  to further diversify its funding sources and strengthen its balance sheet and to assist in the further delivery of its strategy and its medium term goal of 50% integration.

CONFERENCE CALL
Management will discuss this statement in a conference call with the investment community on 27 April at 1:00pm UK Time, 2:00pm Central European Time. The presentation will be webcast live on the Nyrstar website, www.nyrstar.com, and will also be available in archive.

About Nyrstar

The partner of choice in essential resources for the development of a changing world.  Nyrstar is a leading global multi-metals business, producing significant quantities of zinc and lead as well as other products (including silver, gold and copper).  Nyrstar is listed on NYSE Euronext Brussels under the symbol NYR. For further information visit the Nyrstar website, www.nyrstar.com.

Contacts

Investors

Anthony Simms
Manager,
Investor Relations
T: +41 44 745 8157
M: +41 79 722 2152
anthony.simms@nyrstar.com

Media

Geert Lambrechts
Manager,
Corporate Communications
T: +32 14 449 646
M: +32 473 637 892
geert.lambrechts@nyrstar.com


The full press release can be downloaded from the following link:



Press Release (English)
Press Release (Dutch)
Press Release (French)



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Data and Statistics for these countries : Mexico | All
Gold and Silver Prices for these countries : Mexico | All

Nyrstar NV

PRODUCER
CODE : NYR.BE
ISIN : BE0003876936
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Nyrstar is a zinc and silver producing company based in Belgium.

Nyrstar produces zinc, silver, copper, gold and lead in Mexico and in Peru, and holds various exploration projects in Mexico.

Its main assets in production are CORICANCHA in Peru and G-9 CAMPO MORADO in Mexico and its main exploration properties are CAMPO MORADO, EAST TENNESSEE and MIDDLE TENNESSEE in Mexico.

Nyrstar is listed in Germany. Its market capitalisation is €UR 459.4 millions as of today (US$ 588.4 millions, € 400.0 millions).

Its stock quote reached its highest recent level on June 24, 2005 at €UR 2.70, and its lowest recent point on November 28, 2008 at €UR 0.38.

Nyrstar has 935 640 000 shares outstanding.

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