| | Published : November 15th, 2012 | Reports Operating Achievements and Financial Results for First Fiscal Qu |
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International Minerals Reports Operating
Achievements and Financial Results for First Fiscal Qu
International Minerals Corporation (TSX: IMZ) (SWISS: IMZ)
("Company" or "IMZ") is pleased to report its operating
achievements and financial results for the first fiscal quarter ended September
30, 2012.
All dollar amounts in this news release are reported in US Dollars,
unless otherwise noted.
Significant Achievements for the First Fiscal Quarter Ended September
30, 2012 (the "Current Quarter"):
- The
Company received a $6.0 million cash distribution from the Pallancata Mine
in July 2012, bringing the Company's 40%-share (Hochschild Mining plc
"Hochschild" 60%-owner and operator) of cumulative cash
distributions from Pallancata to $115.7 million since August 2009. The
Company has also been advised by the Suyamarca Board of Directors that it
should expect to receive a further cash distribution of $4.0 million from
Pallancata in December 2012.
- At the
40%-owned Inmaculada development project also in Peru (Hochschild
60%-owner and operator), development is progressing on schedule and
Hochschild has completed its $100 million contractual development cost
commitment. In September 2012, the Peruvian government approved the
Environmental Impact Study for Inmaculada, achieving a critical milestone
in the project's development.
- At the
100%-owned Goldfield property in Nevada, the Company has engaged the
services of M3 Engineering and Technology Corporation ("M3") of
Tucson, Arizona to manage the Engineering, Procurement and Construction
Management ("EPCM") activities relating to the design and
construction of the Gemfield project heap leach gold mine. M3 has
commenced the detailed design activities for this project. SRK
Consulting of Reno Nevada has been contracted to complete the project Plan
of Operations ("PoO") which will be used in the preparation of
the Environment Impact Statement and permitting. The PoO is expected
to be filed with the US Bureau of Land Management ("BLM") in
December of 2012. Permitting is expected to commence in the first calendar
quarter of 2013 and is expected to take approximately 18 months from
approval of the PoO.
- Also at
the Gemfield project, the Company continues with on-going process
optimization studies and step-out drilling in the recently discovered
Gemfield Southeast area. In addition, results of the recent metallurgical
test work have illustrated that a larger crush size could possibly allow
for a 25% increase in plant throughput (to 7,500 tpd) with no significant
decrease in recoveries. This could mean that estimated processing operating
costs may be reduced by 11% from $6.36 per tonne to $5.65 per tonne and
G&A costs may be reduced by 20% from $2.92 per tonne to $2.34 per
tonne; a combined potential reduction of approximately 14% in total
operating costs. Additional metallurgical testwork, however, will be
required to confirm the recoveries from the larger crush size.
Financial Performance for the First Fiscal Quarter Ended September 30,
2012:
The Company:
- Reported
net income from continuing operations after tax for the first fiscal
quarter ended September 30, 2012 of $10.7 million or $0.09 per share
compared to net income from continuing operations after tax of $14.5
million or $0.12 per share for the fiscal quarter ended September 30, 2011
(the "Prior Year's Quarter), reflecting in both periods the earnings
from the Pallancata Mine.
- Reported
cash flow from continuing operations of $6.0 million for the Current
Quarter compared to $18.2 million for Prior Year's Quarter, with the
change representing the difference in the cash distributions from the
Pallancata Mine during the respective quarters.
- Reported
a net loss from discontinued operations after tax of $1.1 million for the
Current Quarter compared to net income from discontinued operations after
tax of $0.7 million for the Prior Year's Quarter. The loss from
discontinued operations in the Current Quarter represents on-going
maintenance costs in Ecuador while the contribution to income in the Prior
Year's Quarter was income from the Ruby Hill mine royalty.
- Reported
net and comprehensive income after tax of $9.6 million or $0.08 per share,
for the Current Quarter compared to net and comprehensive income of $15.2
million or $0.13 per share, for the Prior Year's Quarter. The most
significant reason for the decline in earnings was because of a reduction
in earnings from the Pallancata Mine that was a result of lower metal
production and a decline in the prices of gold and silver.
- At the Pallancata Mine:
- The
Company's 40% share of the equity income from the Pallancata Mine was
approximately $10.7 million for the Current Quarter compared to $15.1
million for the Prior Year's Quarter. Cash distributions paid to the
Company for the Current Quarter totaled $6.0 million compared to $16
million in the Prior Year's Quarter;
- Production
for the Current Quarter (on a 100% basis) was approximately 1.9 million
ounces of silver (Prior Year's Quarter: 2.3 million ounces) and 6,814
ounces of gold (Prior Year's Quarter: 9,370 ounces). The Company's 40%
share was approximately 757,310 ounces of silver (Prior Year's Quarter:
916,322 ounces) and 2,726 ounces of gold (Prior Year's Quarter: 3,748
ounces). The reasons for the decrease in gold and silver production were
lower ore grades and metallurgical recoveries compared to the Prior Year's
Quarter.
- For
the Current Quarter, direct site cash costs were $4.69 per ounce of silver
produced after gold by-product credit (Prior Year's Quarter: $1.01 per
ounce) and total cash costs after gold by-product credit (as defined by
the Gold Institute) were $8.49 per ounce of silver produced (Prior Year's
Quarter: $5.44 per ounce). For the Current Quarter compared to the Prior
Year's Quarter total cash operating costs, before by-product credit,
decreased by 3% and, therefore, both direct site and total cash costs per
ounce reported increased because of lower by-product credits and a
decrease in silver production.
Operating Statistics for the Pallancata Mine (100% project basis).
The table below reports key operating and cost statistics for the
Pallancata Mine for the fiscal quarters ended September 30, 2012 and 2011 and
for the fiscal years ended June 30, 2012 and 2011.
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Quarter Ended 09/30/2012
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Quarter Ended 09/30/2011
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Fiscal Year Ended
06/30/2012
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Fiscal Year Ended
06/30/2011
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Ore
mined (tonnes)
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276,459
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269,273
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1,041,857
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1,069,428
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Ore
processed (tonnes)
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277,092
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268,673
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1,090,033
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1,063,008
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Head grade- Ag (grams/tonne)
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257
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313
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280
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324
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Head
grade- Au (grams/tonne)
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1.2
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1.4
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1.2
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1.4
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Concentrate
produced (tonnes)
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2,073
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2,266
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8,380
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8,622
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Silver
production (ounces)
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1,893,274
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2,290,805
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8,185,244
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9,461,573
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Gold
production (ounces)
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6,814
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9,370
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29,689
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34,517
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Silver
sold ( ounces)
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1,651,900
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1,935,300
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8,127,900
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9,531,300
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Gold
sold (ounces)
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5,870
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8,017
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28,766
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32,824
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IMZ direct site costs (US$)
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4.69
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1.01
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3.31
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2.21
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IMZ total cash costs (US$)
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8.49
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5.44
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7.37
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6.04
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Notes:
1. The
reported head grades for silver and gold are based on the overall metallurgical
balance for the process plant.
2. The difference between "produced" metal ounces and 'sold"
metal ounces is in-process concentrate. Numbers for gold and silver ounces in
the sold category have been rounded.
3. Silver and gold ounces sold are now reported as gross ounces. IMZ has also
restated the previously reported sales, which had been reported as net payable
ounces.
4. Direct site costs per ounce silver and total cash costs per ounce silver
reflect a "mined ore inventory adjustment". IMZ believes that this
calculation more accurately matches costs with ounces of production (see notes
5 and 6 below).
5. Direct site costs per ounce silver comprise direct mining costs, mined ore
inventory adjustment, toll processing costs and. mine general and
administrative costs. The cost per ounce is net of by-product credit, with
by-product gold revenue offsetting operating costs.
6. Total cash costs, using the Gold Institute definition, comprise: mine
operating costs, mined ore inventory adjustment, toll processing costs, mine
general and administrative costs, Hochschild management fee, concentrate
transportation and smelting costs, and government royalty (currently
approximately 3% of gross revenue for Pallancata). The cost per ounce is net of
by-product credit, with by-product gold revenue offsetting operating costs.
Company Outlook
During the 2013 fiscal year, the Company's exploration and development
efforts are expected to focus primarily on:
- At the 40%-owned Pallancata Silver Mine in
Peru:
- Working
with Hochschild to continue production at the 3,000 tpd mining rate to
produce approximately 7.8 million ounces of silver and 32,000 ounces of
gold, in calendar 2012 (the Company's estimate on a 100% project basis)
and increasing mineral resources and reserves to extend the existing mine
life (approximately 4.0 years based on current reserves).
- At the 40%-owned Inmaculada gold-silver project, also
in Peru:
- Working
with Hochschild to continue with mine development, permitting and
construction with production targeted to commence prior to the end of
calendar year 2013, subject to the timely receipt of final construction
permits, and continuing with an aggressive exploration program in order to
expand reserves and resources.
- At the 100%-owned Goldfield property
in Nevada: advancing the Gemfield project to construction in 2014,
following the completion of permitting, with the goal of potential
production in mid-calendar year 2015.
- At the 100%-owned Converse gold project, also
in Nevada: continuing with additional technical studies depending upon the
results of on-going metallurgical testwork.
- Finalize
the sale of the 100%-owned
Rio Blanco gold-silver project and the approximately 60%-owned Gaby project
in Ecuador.
- Continuing
to seek investment opportunities
in precious metals properties in low political risk jurisdictions in the
Americas, where the Company believes it can increase the value of such
properties using its exploration, development, financing and
administrative abilities to enhance value.
Hochschild Mining plc does not accept any responsibility for the
adequacy or inadequacy of the disclosure made in this news release and any such
responsibility is hereby disclaimed in all respects.
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International Minerals Corporation
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PRODUCER |
CODE : IMZ.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Intl. Minerals is a producing company based in United states of america. Intl. Minerals produces gold and silver in Peru, develops copper, gold and silver in Ecuador and in Peru, and holds various exploration projects in Ecuador. Its main asset in production is PALLANCATA in Peru and its main assets in development are RIO BLANCO - ALEXANDRA NORTH, RIO BLANCO - SAN LUIS and GABY in Ecuador and INMACULADA in Peru. Intl. Minerals is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 270.7 millions as of today (US$ 252.7 millions, € 183.7 millions). Its stock quote reached its lowest recent point on June 01, 2001 at CA$ 0.82, and its highest recent level on April 29, 2011 at CA$ 8.00. Intl. Minerals has 95 653 001 shares outstanding. |
Annual reports of International Minerals Corporation |
Nominations of International Minerals Corporation |
Financials of International Minerals Corporation |
Project news of International Minerals Corporation |
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Corporate news of International Minerals Corporation |
9/19/2013 | Provides Gemfield Permitting Update and Earnings Guidance fo... |
6/18/2013 | Announces Update of Feasibility Study at Goldfield=2C Nevada |
5/2/2013 | Provides Earnings Guidance for Third Fiscal Quarter Ending M... |
3/15/2013 | (Pallancata)s Reserve and Resource Estimates at Pallancata Silver Mine |
2/14/2013 | Reports Second Fiscal Quarter Ending December 31, 2012 Finan... |
1/30/2013 | (Pallancata)Reports Production Results From Pallancata Mine for Quarter ... |
11/7/2012 | Provides Earnings Guidance for First Fiscal Quarter Ended Se... |
7/17/2012 | Announces Positive Feasibility Study at Goldfield Gold Proje... |
5/30/2012 | IMZ Reports Drill Results from Converse Project, Nevada |
5/23/2012 | Announces Closing of Sale of Ruby Hill Royalty |
5/15/2012 | Reports $6.8 Million in Pre-Tax Income for Third Fiscal Quar... |
4/12/2012 | (Pallancata)IMZ Updates Reserve & Resource Estimates at Pallancata Mine,... |
4/11/2012 | (Pallancata)s Reserve and Resource Estimates at Pallancata Silver Mine |
3/20/2012 | Announces Metallurgical and Drill Results From Goldfield Pro... |
2/15/2012 | IMZ Reports $12M in Pre-Tax Income for Quarter Ended Dec 31,... |
2/14/2012 | Reports $12.0 Million in Pre-Tax Income for Second Fiscal Qu... |
12/20/2011 | IMZ Announces Positive Preliminary Economic Assessment at Co... |
12/15/2011 | IMZ Reports $15.2M in After-Tax Net Income for Quarter Ended... |
11/29/2011 | Reports Drilling and Metallurgical Results From Converse Gol... |
10/12/2011 | to Repurchase Shares |
9/28/2011 | Reports Record Earnings of $58.4 Million Pre-Tax Net Income ... |
8/24/2011 | Reports Increased Resource Estimate at Converse Gold Project... |
8/18/2011 | on Rio Blanco Contract Negotiations With Ecuadorian Governme... |
7/6/2011 | IMZ Reports Drill Results from Converse Project, Nevada |
7/5/2011 | Reports Drill Results From Converse Project, Nevada, Includi... |
7/1/2011 | IMZ Announces Expiry of Agreements with Chinese Company |
6/17/2011 | IMZ Announces Drill Results from Goldfield Project, NV |
5/17/2011 | IMZ Reports $12.9 Million in Pre-Tax Net Income for 3rd Fisc... |
4/7/2011 | (Pallancata)IMZ Updates Reserve and Resource Estimates at Pallancata Sil... |
2/25/2011 | (Inmaculada)IMZ Reports Increased Resources at Inmaculada Project |
2/24/2011 | Reports Increased Resource Estimate at Inmaculada Gold-Silve... |
2/15/2011 | IMZ Reports Record Net Income for Quarter Ended Dec 31, 2010 |
5/21/2010 | Commences Drilling at Goldfield, Nevada |
5/18/2010 | US$3.3 Million Net Income for Third Fiscal Quarter |
1/20/2010 | Drill Results for Recently Acquired Inmaculada Project |
1/13/2010 | Completes Transaction to Acquire Ventura Gold |
12/18/2009 | Ventura Shareholders Approve Arrangement Agreement |
12/17/2009 | Resignation of VP |
9/29/2009 | IMZ Year-End Financials Web Links |
9/12/2009 | Webcasts from Denver Gold Forum & CEO Interview |
8/20/2009 | IMZ Included in Swiss Performance Index of SIX |
5/20/2009 | IMZ Reports Net Income of US$2.0 million for 3rd Quarter End... |
2/20/2009 | Meet International Minerals' CEO Steve Kay at BMO Conference |
2/18/2009 | Net Income $4.8M ($0.05 per share) for Fiscal 2Q |
12/18/2008 | 2008 Review and 2009 Business Plans |
9/30/2008 | Reports Strong Year-End Balance Sheet |
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