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Breakwater Resources Ltd

Publié le 29 juillet 2011

'S SECOND QUARTER 2011 FINANCIAL AND OPERATING RESULTS

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Net Earnings Lower

Toronto, Canada - July 28, 2011 - (TSX - BWR) (TSX - BWR.WT.A) Breakwater Resources Ltd.

realized net earnings of $17.9 million or $0.23 per share in the second quarter of 2011 compared with $21.6 million or $0.31 per share in the second quarter of 2010.

 

Revenues and Production

Gross sales revenue was 34% higher at $104.4 million primarily due to 32% more tonnes of concentrate sold and higher metal prices.  Concentrate produced in the second quarter of 2011 decreased 12% to 56,247 tonnes compared with the second quarter of 2010 due to 37% and 6% decreases at Mochito and Myra Falls respectively partially offset by a 17% increase at Toqui.

 

Cash

Cash and cash equivalents increased by $1.2 million in the second quarter of 2011 to $117.0 million at June 30, 2011.

Direct Operating Costs

Direct operating costs were 79% higher in the second quarter of 2011 at $48.2 million compared with $27.0 million in the second quarter of 2010.  The increased costs were primarily due to 32% more tonnes of concentrate sold, the mix of concentrate sold and increased costs at all operations.  On a cost per tonne of concentrate sold basis, direct operating costs increased to $688 in the second quarter of 2011 from $508 in 2010 primarily due to the factors noted above.

 

Capital Expenditures

The Company invested $42.2 million in mineral properties and fixed assets during the first six months of 2011.  At mining operations, $14.9 million, $8.0 million, $5.0 million and $13.9 million were spent at Mochito, Toqui, Myra Falls and Langlois respectively.  For details of these expenditures, please refer to the financial results discussion for each mine.  Corporate capital expenditures were $0.4 million.

 

Operations

In the first six months of 2011, production of gold, copper and silver contained within the Company's concentrates while zinc and lead production was below target. 

 

At Mochito, shortfalls in mine production were largely as a result of power outages, pumping requirements and changes in expected mineralization.   Mining cycle issues especially in ground support, rehabilitation and backfill were also contributing factors to the tonnes mined being below target.  Mill throughput for the second quarter of 2011 was below that of the same period in 2010 primarily due to lower ore availability.  Lower production of contained metal was also as a result of lower head grades combined with the lower throughput.  In addition, the lower zinc head grade resulted in slightly lower zinc recoveries while lead recoveries improved.

 

A system to automate and stabilize the addition of water to the grinding circuit was installed at Mochito in late June 2011 with steady grinding densities observed thereafter.  In addition, a new Atomic Absorption Spectrometer was installed which has improved the accuracy and speed of assay information.  To improve lead and silver recoveries, a flash flotation cell is planned to be installed in the grinding circuit in the fourth quarter of 2011.  

 

At Toqui, equipment availability continued to improve in the second quarter of 2011 with the availability approaching targeted levels enabling the operation to mine more tonnes of ore than were planned.  The paste backfill plant is operating as expected and cemented paste backfill is being delivered underground.  During the second quarter more paste was deposited underground than initially planned allowing the operation to partially catch up on a portion of the shortfall in paste deposition caused by late commissioning of the plant.  The delays in commissioning the paste backfill plant required a change in the mining sequence that resulted in the zinc head grade being lower than plan. 

 

At Myra Falls, two new scoops were received and placed into service in the second quarter of 2011 and an additional new scoop and two new haul trucks are expected to be placed into service in the third quarter.  Mill feed was 4% below target for the second quarter of 2011 primarily due to equipment availability, a tram derailment and backfill delays.  For the first six months of 2011, zinc concentrate production was 89% of plan primarily as a result of the shortfall in mill feed and 6% shortfall in zinc head grade.  Zinc head grades are expected to improve for the second half of 2011.  Copper concentrate production was slightly above expectations due to copper grades and recoveries being above plan. The copper, lead and gold circuits are all being modified to further improve recoveries and a new on-stream analyzer will be installed in the third quarter of 2011.

 

At Langlois, development during the second quarter of 2011 was on target and the Company remains on track to restart production during the first quarter of 2012.

 

STATEMENT OF OPERATIONS REVIEW - THREE MONTHS ENDED MARCH 31, 2011 AND 2010

A breakdown of gross sales revenue for the three month periods ended June 30, 2011 and 2010 is set forth in the following tables.

 

Second Quarter 2011

Second Quarter 2010

 

Concentrate

sold

(tonnes)

Payable

metal(1)

Realized

price(1) (US$)

Gross sales

revenue

($000's)

Concentrate

sold

(tonnes)

Payable

metal(1)

Realized

price(1) (US$)

Gross sales

revenue

($000's)

Zinc

57,554

25,175

2,263

56,977

39,713

17,252

2,033

35,072

Copper

4,713

1,076

8,927

9,603

2,820

674

6,933

4,673

Lead

6,131

3,403

2,475

8,424

7,912

4,887

2,061

10,074

Gold(2)

1,716

10,050

1,496

15,037

2,725

15,024

1,241

18,640

Silver

n.a.

473,650

37.15

17,596

n.a.

487,637

18.53

9,035

Other(3)

n.a.

 

 

71

n.a.

 

 

(298)

 

70,114

 

 

 

53,170

 

 

 

Gross sales revenue in US$

 

107,708

 

 

 

77,196

Exchange rate

 

0.9692

 

 

 

1.0099

Gross sales revenue in C$

 

104,392

 

 

 

77,959

 

(1) Payable metal and realized prices for zinc, copper and lead are per tonne and for gold and silver are per ounce.

(2) Gold concentrate sales are principally from Toqui while payable gold is from all operations except Mochito.

(3) Other gross sales revenue represents revaluations of prior period concentrate receivables.

 PRODUCTION RESULTS

The table below summarizes, on a production basis, the Company's metal contained in concentrate, before smelting deductions, for the periods presented.

Second Quarter

First Six Months

All Mines

2011

2010

2011

2010

Tonnes Milled

438,550

431,959

876,991

850,908

Zinc (%)

6.1

6.8

5.8

6.6

 

 

 

 

 

Concentrate Production (tonnes)

 

 

 

 

Zinc:

 

 

 

 

Mochito

10,542

17,728

24,398

34,099

Toqui

16,426

13,434

30,132

22,840

Myra Falls

18,448

18,177

31,450

36,512

 

45,416

49,339

85,980

93,451

Copper:

 

 

 

 

Myra Falls

4,582

6,377

8,590

11,960

 

 

 

 

 

Lead:

 

 

 

 

Mochito

4,854

6,791

10,509

13,831

Toqui

-

386

-

769

Myra Falls

133

-

558

-

 

4,987

7,177

11,067

14,600

Gold:

 

 

 

 

Toqui

1,262

1,267

2,908

3,404

Total

56,247

64,160

108,545

123,415

C$ operating costs, production basis ($000's)

38,619

32,171

74,981

64,096

C$ operating cost per tonne milled (production basis)

88

74

85

75

 IFRS

The second quarter financial statements are the first set of financial statements which have been prepared by the Company under IFRS and contain significant disclosure regarding the impact of the transition to IFRS from Cdn GAAP.  Please refer to the unaudited consolidated interim financial statements for the periods ended June 30, 2011, with the comparative figures for the period ended June 30, 2010 for details of the accounting policies being used under IFRS as well as reconciliations of certain prior period Cdn GAAP financial statements to IFRS.

 

The unaudited consolidated interim financial statements for the period ended June 30, 2011, with the comparative figures for the period ended June 30, 2010 and the notes thereto, together with the management's discussion and analysis of the unaudited interim financial and operating results have been filed on www.sedar.com.  Additionally, the documents are available on our website at http://www.breakwater.ca/Investors/AnnualandQuarterlyReports/default.aspx.

 

Breakwater Resources Ltd

PRODUCTEUR
CODE : BWR.TO
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Breakwater Res. est une société de production minière de zinc et de plomb basée au Canada.

Breakwater Res. est productrice de zinc, de plomb, d'argent, de cuivre et d'or au Canada, au Chili, au Honduras et en Tunisie, en développement de projets d'argent, de cuivre, d'or, de plomb et de zinc au Canada, et détient divers projets d'exploration au Canada et au Honduras.

Ses principaux projets en production sont MYRA FALLS MINE (H-W, LYNX, ET AL) et BOUCHARD-HEBERT (MOBRUN MINE) au Canada, MOCHITO MINE au Honduras, BOUGRINE MINE en Tunisie et TOQUI au Chili, ses principaux projets en développement sont RESTIGOUCHE et LANGLOIS au Canada et ses principaux projets en exploration sont ABITIBI GOLD, LAC GAYOT- VIRGINIA, TRIESTE PROPERTY, NANISIVIK MINE, CANNON MINE et CARIBOU MINE au Canada.

Breakwater Res. est cotée au Canada et aux Etats-Unis D'Amerique. Sa capitalisation boursière aujourd'hui est 600,3 millions CA$ (609,7 millions US$, 433,6 millions €).

La valeur de son action a atteint son plus bas niveau récent le 21 novembre 2008 à 0,06 CA$, et son plus haut niveau récent le 10 décembre 2010 à 7,01 CA$.

Breakwater Res. possède 85 877 000 actions en circulation.

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