In the same category

Iberian Minerals Corp.

Published : May 28th, 2012

Iberian Minerals Reports First Quarter Results for 2012

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

Iberian Minerals Reports First Quarter Results for 2012

05/28/2012

Iberian Minerals Corp. (TSX VENTURE:IZN) today announced financial and operating results for the first quarter ended March 31, 2012, with comparative figures for the first quarter ended March 31, 2011. The condensed interim consolidated financial statements and related notes, and Management Discussion and Analysis may be found onwww.sedar.com. Unless stated otherwise, all reported figures are in U.S. dollars. The Company reported net loss of $12.3 million for Q1 2012, representing $0.02 per share.

Financial:

  • Recorded net loss of $12.28 million or $0.02 per registered share which included: 
    • Sales of $86.53 million and gross profit of $6.50 million;
    • A realized loss of $16.19 million on commodity hedges (included in sales) which reduced the gross profit; 
    • An unrealized non-cash loss of $15.37 million on derivative financial instruments outstanding primarily due to an increase in metals prices impacting the fair value of outstanding copper hedge positions.
  • Cash flow provided by operations was $15.46 million.

Operational - MATSA:

  • MATSA processed 545,813 tonnes of ores in 2012; 277,250 copper and 268,563 polymetallic. This was an increase of 6% over the 514,083 tonnes of ores processed in 2011. 
  • Produced 28,105 DMT of copper concentrate (2011 - 26,761 DMT), 19,831 DMT of zinc concentrate (2011 - 17,366 DMT), and 6,707 DMT of lead concentrate (2011 - 10,412 DMT). Contained metal production was 6,347 tonnes of copper (2011 - 6,001 tonnes), 9,393 tonnes of zinc (2011 - 8,451 tonnes), 1,824 tonnes of lead (2011 - 1,954 tonnes) and 272,890 oz of silver (2011 - 298,823 oz). 
  • The Cash Operating Cost was $1.17 per payable pound of copper (2011 - $1.72 per payable pound of copper). Cash Operating Cost was substantially reduced in 2012 due to the combined effect of higher payable copper production, higher by-product metal production and prices and lower actual operating costs realized. 
  • In February 2012 MATSA signed a new collective labour agreement with its unionized workers. The new agreement expires in December 2015. The agreement includes salary increases tied to the Spanish inflationary index.

Operational - CMC:

  • Copper ore grade was 0.96% versus 1.12% in 2011. 
  • CMC processed 599,303 tonnes of ore in the period versus 578,738 tonnes for the same period of the prior year.
  • Copper concentrate production in the period was 22,573 DMT versus 23,387 DMT in the prior year period. 
  • Contained copper production in the period was 5,219 tonnes versus 5,768 tonnes in the prior year period. 
  • The Cash Operating Cost for the period was $1.71 per payable pound of copper versus prior year period of $1.08.

Summarized Financial Results

The following table presents a summarized Statement of Operations for the period ended March 31, 2012 with comparatives for the period ended March 31, 2011.

Three months ended March 31,

(thousands of U.S. Dollars)

2012

2011

$

$

Sales

86,528

37,230

Costs and expenses of mining operations

80,027

59,801

Gross profit (loss)

6,501

(22,571

)

Expenses

Administrative expenses and other

2,573

1,446

Exploration and evaluation expenditures

6,230

-

Foreign exchange loss

2,510

3,141

Unrealized (gain) loss on derivative instruments

15,373

(63,078

)

26,686

(58,491

)

Operating income (loss)

(20,185

)

35,920

Net finance costs

973

6,231

Income (loss) before taxation

(21,158

)

29,689

Current income tax recovery

(1,019

)

843

Deferred income tax recovery

(7,857

)

(1,316

)

Net income (loss)

(12,282

)

30,162

 

Key operating statistics

CMC:

Three months

Periods ended March 31,

Unit

2012

2011

Ore mined

t

632,291

587,956

Ore processed

t

599,303

578,738

Copper ore grade

%

0.96

1.12

Concentrate grade

%

23

25

Copper recovery rate

%

91

89

Copper concentrate

DMT

22,573

23,387

Copper contained in concentrate

FMT

5,219

5,768

Gold contained in concentrate

oz

2,950

3,406

Silver contained in concentrate

oz

76,360

77,840

Payable copper contained in concentrate

FMT

4,972

5,506

Payable gold contained in concentrate

oz

2,650

3,084

Payable silver contained in concentrate

oz

68,605

69,705

Cash Operating Cost per lb of payable copper

USD

$

1.71

$

1.08

 

MATSA:

 

Three months

Periods ended March 31,

Unit

2012

2011

Copper ore

Ore mined

t

283,226

304,687

Ore processed

t

277,250

305,748

Copper ore grade

%

2.13

2.17

Concentrate grade

%

23

22

Copper recovery rate

%

86

86

Copper concentrate

DMT

22,692

25,403

Copper contained in concentrate

FMT

5,095

5,713

Silver contained in concentrate

oz

86,870

92,319

Payable copper contained in concentrate

FMT

4,868

5,459

Payable silver contained in concentrate

oz

64,983

67,476

Polymetallic ore

Ore mined

t

263,796

214,180

Ore processed

t

268,563

208,335

Zinc ore grade

%

4.84

5.99

Zinc concentrate grade

%

47

49

Zinc recovery rate

%

72

68

Copper ore grade

%

0.85

1.06

Copper concentrate grade

%

23

21

Copper recovery rate

%

54

19

Lead ore grade

%

1.45

1.87

Lead concentrate grade

%

26

19

Lead recovery rate

%

45

51

Zinc concentrate

DMT

19,831

17,366

Copper concentrate

DMT

5,413

1,358

Lead concentrate

DMT

6,707

10,412

Zinc contained in concentrate

FMT

9,393

8,451

Copper contained in concentrate

FMT

1,252

288

Lead contained in concentrate

FMT

1,824

1,954

Silver contained in concentrate

oz

186,020

206,504

Payable zinc contained in concentrate

FMT

7,807

7,061

Payable copper contained in concentrate

FMT

1,198

275

Payable lead contained in concentrate

FMT

1,623

1,641

Payable silver contained in concentrate

oz

108,591

136,210

Cash Operating Cost per lb of payable copper

USD

1.17

1.72

About Iberian Minerals Corp.

Iberian Minerals Corp. is a Canadian listed global base metals company with interests in Spain andPeru. The Condestable Mine, located in Peru approximately 90 km south of Lima operates at 2.4 million tonnes per year producing copper, and associated silver and gold in a concentrate. The Aguas Tenidas Mine is in the Andalucia region of Spain approximately 110 km north-west of Seville and operates a 2.2 million tonnes per year underground mine and concentrator that produces copper, zinc and lead concentrates that also contain gold and silver.

Note 1 - The Cash Operating Cost per pound of payable copper is a non-IFRS performance measure. It includes cash operating costs, including treatment and refining charges ("TC/RC"), freight and distribution costs, and is net of by-product metal credits (zinc, gold and silver). The Cash Operating Cost per pound of payable copper indicator is consistent with the widely accepted industry standard established by Brook Hunt and is also known as the C1 cash cost.

FORWARD LOOKING STATEMENTS:

This news release contains certain "forward-looking statements" and "forward-looking information" under applicable securities laws. Except for statements of historical fact, certain information contained herein constitutes forward-looking statements. Forward-looking statements are frequently characterized by words such as "plan", "expect", "project", "intend", "believe", "anticipate", "estimate", and other similar words, or statements that certain events or conditions "may" or "will" occur. Forward looking information may include, but is not limited to, statements with respect to the future financial or operating performances of the Corporation, its subsidiaries and their respective projects, the timing and amount of estimated future production, estimated costs of future production, capital, operating and exploration expenditures, the future price of copper, gold and zinc, the estimation of mineral reserves and resources, the realization of mineral reserve estimates, the costs and timing of future exploration, requirements for additional capital, government regulation of exploration, development and mining operations, environmental risks, reclamation and rehabilitation expenses, title disputes or claims, and limitations of insurance coverage. Forward-looking statements are based on the opinions and estimates of management at the date the statements are made, and are based on a number of assumptions and subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Many of these assumptions are based on factors and events that are not within the control of the Corporation and there is no assurance they will prove to be correct. Factors that could cause actual results to vary materially from results anticipated by such forward-looking statements include changes in market conditions and other risk factors discussed or referred to in the section entitled "Risk Factors" in the Corporation's annual information form dated March 29, 2010. Although the Corporation has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Corporation undertakes no obligation to update forward-looking statements if circumstances or management's estimates or opinions should change except as required by applicable securities laws. The reader is cautioned not to place undue reliance on forward-looking statements.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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

Iberian Minerals Corp.

EXPLORATION STAGE
CODE : IML.V
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

Iberian Minerals is a nickel and palladium development stage company based in Canada.

Iberian Minerals produces nickel, palladium, copper and silver in Peru and in Spain, and holds various exploration projects in Canada and in Venezuela.

Its main assets in production are AGUAS TENIDAS in Spain and CONDESTABLE MINE in Peru and its main exploration properties are THIERRY and THIERRY MINE in Canada and BOTANAMO/ ACARIGUA and INCREIBLE 16 in Venezuela.

Iberian Minerals is listed in Canada and in United States of America. Its market capitalisation is CA$ 20.8 millions as of today (€ 18.4 millions).

Its stock quote reached its lowest recent point on November 25, 2016 at CA$ 0.05, and its highest recent level on March 24, 2017 at CA$ 0.16.

Iberian Minerals has 276 780 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
Option Grants of Iberian Minerals Corp.
6/29/2011Iberian Minerals Announces Stock Option Grants
Nominations of Iberian Minerals Corp.
7/6/2011Iberian Minerals Announces Resignation of Director
Financials of Iberian Minerals Corp.
5/28/2012Iberian Minerals Reports First Quarter Results for 2012
Project news of Iberian Minerals Corp.
10/25/2011(Aguas Tenidas)CORRECTION FROM SOURCE-Iberian Minerals Announces Drill Resu...
10/25/2011(Aguas Tenidas)Iberian Minerals Announces Drill Results From New Zone West ...
10/11/2011Iberian Minerals Publishes Preliminary Q3 2011 Production Re...
7/13/2011Iberian Minerals Publishes Preliminary Q2 2011 Production Re...
7/7/2011Iberian Minerals Hires Project Manager For Sotiel Mine
7/4/2011Iberian Minerals Announces Closing of Purchase of Net Profit...
4/14/2011Iberian Minerals Publishes Preliminary Q1 2011 Production Re...
Corporate news of Iberian Minerals Corp.
7/26/2016Iberian Develops New Enviro-Friendly Alternative to Cyanide
7/7/2016Mineworx Files Patent on New Grinding Technology
7/1/2016Iberian Minerals Mourns Passing of Former Chairman Randy Hay...
6/22/2016Iberian Minerals News Release Advance Notice Policy
6/20/2016Iberian Minerals News Release The Foothill Mine
5/26/2016Iberian Minerals News Release-Mineworx
5/26/2016Iberian Minerals News Release – Mineworx
2/1/2016Iberian Minerals Extends Warrants Expiry Date
1/29/2016Iberian Minerals Announces Proposed Extension of Warrant Ter...
1/11/2016Iberian Minerals Opens Mineworx Fabrication and Office Facil...
1/5/2016Iberian Minerals Receives Exchange Approval on Mineworx Acqu...
12/31/2015Iberian Minerals Extends Warrant Expiry Date
12/30/2015Iberian Minerals Announces Proposed Extension of Warrant Ter...
12/22/2015Iberian Minerals Announces Completion of Acquisition of Mine...
12/18/2015Iberian Minerals Grant Stock Options
11/26/2015Iberian Minerals Relocates Corporate Head Office to Edmonton...
11/19/2015Iberian Minerals Re-Negotiates Significant Payment Reduction...
11/17/2015Iberian Minerals Enters into Amalgamation Agreement with Min...
11/10/2015Iberian Minerals Options to Acquire Advanced Wollastonite Pr...
10/1/2015Merger Market article from Sept 11, 2015
2/1/2013Urion Minerals International B.V. Acquires 100% of Iberian M...
9/27/2012Iberian Minerals Senior Secured Note Withdrawal Statement
9/13/2012Iberian Minerals Announces Recent Developments
8/14/2012Iberian Minerals Reports Q2 Net Income of $25.46 Million
3/27/2012Iberian Minerals Reports 2011 Net Income of $173.7 Million
2/24/2012Trafigura Acquires Control of Over 90% of the Shares of Iber...
1/17/2012Iberian Minerals Reports 2011 Production Results Met Targets
12/14/2011(Condestable Mine)Iberian Minerals Signs New Collective Agreement at Condestab...
9/26/2011Iberian Minerals Announces Receipt of Bank Waiver
9/21/2011Iberian Minerals Strike Called Off
9/1/2011(Condestable Mine)Iberian Minerals Announces Extended Mine Life at Condestable...
8/22/2011(Aguas Tenidas)Iberian Minerals Provides Aguas Tenidas Labour Update
8/16/2011Iberian Minerals Reports Q2 Net Income of $47.8 Million
6/27/2011Iberian Minerals Reports Q1 Net Income of $30.2 Million
5/17/2011Iberian Minerals Increases Condestable Senior Debt Facility ...
5/5/2011Iberian Minerals Awarded Sotiel Co =?ISO-8859-1?Q?pper=20Zin...
3/30/2011Iberian Minerals Reports Record Sales and Operating Results ...
2/11/2011Iberian Minerals Reports Hedging Update at Condestable
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TSX-V (IML.V)
0.075+7.14%
TSX-V
CA$ 0.075
06/05 15:58 -
7.14%
Prev close Open
0.070 0.070
Low High
0.070 0.075
Year l/h YTD var.
 -  -
52 week l/h 52 week var.
- -  0.075 -%
Volume 1 month var.
280,500 -%
Produces
Develops
Explores for Copper - Nickel
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-33.33%0.090.03
2021140.00%0.090.03
202066.67%0.040.01
2019-70.00%0.070.02
2018-62.96%0.240.04
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.15-3.77%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 5.85-1.52%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.80-3.75%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.08-11.11%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.03+2.01%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 8.42-0.36%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.18+2.86%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30+0.00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.41-1.23%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 69.08+1.17%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.03+0.00%Trend Power :