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Malaga Publishes Year-End Results
Published : April 03, 2013
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Keywords :   Copper | Market | Real Estate | Silver | Tungsten |

MONTREAL, QUÉBEC--(Marketwired - April 3, 2013) - Malaga Inc. ("MLG") (News - Market indicators) reports its financial results today for the year ended December 31, 2012. The management discussion and analysis and audited financial statements can be found on the Company's website (www.malaga.ca) and on SEDAR (www.sedar.com). All amounts are in US dollars unless otherwise indicated.

2012 Full Year Highlights

  • During the fourth quarter of 2012, the plant and mine were placed on care and maintenance.
  • Non-cash impairment of $17.3M resulting for the lower carrying value of the cash generating unit, write-off of exploration and evaluation assets as well as taxes receivable from Peruvian authorities.
  • On December 20, 2012, the Company entered into a $2.0M loan agreement with a Peruvian bank for a term of 36 months secured by the real estate in Lima. Proceeds in the amount of $1.5M have been received.
  • The Company is unable to discharge all of its financial obligations that are currently due and as such has announced that it is examining all possible alternatives to obtain financing or conclude a transaction with an investor that could result in a merger or sale of a portion or all of its assets.
  • Average APT (ammonium paratungstate, a semi-finished product) price of $374/MTU in 2012 compared to $424/MTU in 2011. As at March 28, 2013, the APT price was $348/MTU.

Financial Results

For the full year 2012, Malaga generated a net loss of $19.9M (net income of $5.6M in 2011) for a loss per share of $0.11 (earnings per share of $0.03 in 2011) The net loss in 2012 was impacted by the non-cash impairment charge of $14.7M and a charge of $2.6M for the creation of the provisions for impaired sales tax receivable and income tax receivable. The impairment and provision was prompted by the re-assessment of future cash flows generated by the mine following the review of technical and economical parameters resulting from the mine and plant being on care and maintenance.

Sales amounted to $13.0M during the year which includes $1.1M from copper sales, a by-product at Pasto Bueno. Sales of tungsten in MTU amounted to 37,117 in 2012 compared to 60,602 in 2011. This decrease is due to a decrease in production output (34,836 MTU's in 2012 compared to 55,357 in 2011) which was a result of lower head grades of 0.57% compared to 0.67% in 2011 and the fact that that less ore was extracted because the plant and mine have been on care and maintenance. This caused the 2012 cash cost of production to increase from $167 per MTU in 2011 to $222 per MTU in 2012.

Key Financial Data:

  For the twelve-month periods ended December 31,
(in $'000) 2012   2011
Sales 13,030   20,877
Cost of sales (including depreciation and depletion) 10,694   13,055
Depreciation and depletion 1,735   2,436
Income from mining activities 2,336   7,822
General and administrative expenses 3,523   3,968
Adjusted net income (loss) (19,913 ) 2,953
EBITDA (169 ) 6,086
       
Earnings (loss) per share (basic and fully diluted) ($0.11 ) $0.03
Cash cost of production per MTU 222   167
Production in MTU 34,836   55,357

2013 OUTLOOK

On March 19, 2013, the Company announced that it is examining all possible alternatives to obtain financing or conclude a transaction with an investor that could result in a merger or sale of a portion or all of its assets. The mine and plant at Pasto Bueno are still on care and maintenance.

FORWARDLOOKING STATEMENTS

This news release contains certain forward-looking statements or forward looking-information. These forward looking statements are subject to a variety of risks and uncertainties beyond the Corporation's ability to control or predict which could cause actual events or results to differ materially from those anticipated in such forward looking statements. Such risks and uncertainties are disclosed under the heading "Risk Factors" in the Corporation's Annual Information Form for the year ended December 31, 2012 and dated March 28, 2013. Further, forward-looking information is in addition based on various assumptions, including, without limitation, the expectation and beliefs of management, the assumed long term price of tungsten, that the Pasto Bueno property is a technical viable and economic operation and that the Corporation can access financing. Should one or more of these risks and uncertainties materialize, or should the underlying assumption prove incorrect or different, actual results may vary materially from those described in the forward-looking statements. The information provided reflects management's current expectations regarding future events and performance as of the date of this news release. Accordingly, readers should not place undue reliance on forward-looking statements.



Pierre Monet
President & CEO
Malaga Inc.
514 288-3224
or
Joey Trombino
Vice President & CFO
Malaga Inc.
514 288-3224

Malaga Inc.

PRODUCER
CODE : MLG.TO
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Malaga is a gold and tungsten producing company based in Canada.

Malaga holds various exploration projects in Peru.

Its main asset in production is PASTO BUENO in Peru.

Malaga is listed in Canada and in United States of America. Its market capitalisation is CA$ 918 375 as of today (US$ 881 456, € 674 490).

Its stock quote reached its highest recent level on June 20, 2008 at CA$ 0.49, and its lowest recent point on July 15, 2013 at CA$ 0.01.

Malaga has 183 675 000 shares outstanding.

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Annual reports of Malaga Inc.
2007 Annual Report
Nominations of Malaga Inc.
12/2/2011Announces Appointment of Pierre Monet as President and Chief...
6/23/2011Appoints Three New Board Members
7/8/2008appoints Paul Cregheur to the Board of Directors
6/26/2008appoints three new Directors
12/20/2007Appoints a new board member
Financials of Malaga Inc.
4/3/2013Publishes Year-End Results
8/22/2008Q2 2008 financial results and outlook for 2008
4/14/2008Reports its year end financial results for 2007
11/15/2007reports net earnings in its third quarter 2007
8/16/2007Reports $6,749,432 revenue from the sale of gold and tungste...
5/23/2007reports sales of $2.3 million of tungsten concentrate for th...
4/13/2007files its audited consolidated financial statements and anno...
Project news of Malaga Inc.
5/31/2011(Pasto Bueno)Announces a $1.5 Million Diamond Drilling Campaign in the Co...
4/24/2008(Pasto Bueno) Pasto Bueno: Commissioning of the first phase of the Pasto ...
3/3/2008(Pasto Bueno)discovers new tungsten mineralized vein structures at Pasto ...
11/13/2007(Pasto Bueno) Pasto Bueno: Drilling Reveals New Tungsten Mineralized Zone...
5/15/2007(Pasto Bueno)commercial production begins at the Pasto Bueno mine
Corporate news of Malaga Inc.
6/6/2013Files a Notice of Intention to Make a Proposal Under the Ban...
5/21/2013Publishes Q1 Results
4/9/2013Sells Its Hydro Electric Power Plant
11/9/2012Update on Mining Operations
11/9/2012Update on Mining Operations
10/22/2012(Pasto Bueno)Pasto Bueno Process Plant in Care and Maintenance
10/22/2012(Pasto Bueno)Pasto Bueno Process Plant in Care and Maintenance
8/15/2012Announces Its Q2 Results
5/9/2012Maintains Profitability and Generates Cashflow From Operatin...
4/17/2012to Recover Additional Tungsten From Its Tailings Pond
3/28/2012Improves Profitability and Generates a Net Income of $5.6M a...
2/27/2012(Pasto Bueno)Increases Its Resources by More Than 140% and Its Reserves b...
2/16/2012to Build New Hydroelectric Plant in Peru
1/9/2012(Pasto Bueno)Announces Appointment of Fernando Pajuelo Rincon as General ...
10/4/2011Joins OTCQX-"MLGAF"
8/15/2011Reports Financial Results for Second Quarter 2011: Generates...
6/17/2011Generates a Net Income of $0.8 Million and an EBITDA of $1.3...
5/20/2011Says it is Not Aware of Any Undisclosed Development That Wou...
4/11/2011Reports Record Sales of US $4.5 Million in the First Quarter...
3/31/2011Reports Income of $1.1 Million From Mining Activities
10/30/2007 Announces the Final Distribution Ratio of Dynacor Gold Mine...
9/26/2007senior management changes within the company
7/17/2007Change of corporate name and trading symbol (previously Dyna...
4/17/2007has 100% ownership of its Acari property in Peru
3/21/2007signs an engagement letter of up to CA$5 million with D&D Se...
2/20/2007To Spin Off Gold Assets To Shareholders
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