| | Publié le 01 avril 2011 | Announces Fourth Quarter and Year-End Financial Results for 2010 |
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Scorpio Announces Fourth Quarter and Year-End Financial Results for 2010
NOT FOR
DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Toronto, April 1, 2011 - Scorpio Mining Corporation (TSX: SPM)
("Scorpio" or the "Corporation") is pleased to announce its
financial and operating results for the fourth quarter ("Q4") and the
year ended December 31, 2010.
Performance Highlights:
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Q4 2010
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Change from
Q4 2009
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Full Year
2010
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Change from
Full Year 2009
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Revenue
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$13.2
million
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Up
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87%
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$34.2
million
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Up
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76%
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Mine operating earnings
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$5.6
million
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Up
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60%
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$9.1
million
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Up
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24%
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Gain on dilution and deconsolidation of Scorpio Gold
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$0.06
million
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$20
million
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Income tax recovery
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$12.4
million
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Up
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20%
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$10.9
million
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Up
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6%
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Net earnings
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$16.6
million
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Up
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36%
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$32.5
million
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Up
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147%
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Earnings per share
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$0.09
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Down
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18%
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$0.19
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Up
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58%
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Weighted average number of shares
outstanding
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192,206,685
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Up
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69%
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171,078,675
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Up
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52%
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Adjusted EBITDA(1)
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$7.2
million
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Up
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154%
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$13.3
million
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Up
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71%
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Cash operating cost per tonne(1)
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US$44.12
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Up
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24%
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US$43.59
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Up
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10%
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Parviz Farsangi, President
and Chief Executive Officer comments, "We are
very pleased with our 2010 financial results, in particular with the fourth
quarter which forms the basis for an improved 2011 forecast. In 2011, the
Corporation aims to produce nearly 50% more silver equivalent ounces than in
2010 and also carry out an aggressive exploration program. We believe these
results place the Corporation among the best performing silver producers with
significant base metal by-product credits in Mexico. I thank our team for its
focus and commitment and for setting the stage for our next level of success,
including plant expansion."
Highlights for the Year and Fourth Quarter Ended December 31, 2010, and
Subsequent Events:
- Mine operating earnings were
$9,125,192 for the year ended December 31, 2010 compared to $7,334,969 in
2009.
- Net earnings were $32,533,705
or $0.19 per share for 2010 compared to $13,176,328 or $0.12 per share in
2009.
- Adjusted EBITDA(1)
were $13,324,272 for the year ended December 31, 2010 compared to
$7,835,886 in 2009.
- Nuestra Se�ora cash operating costs(1)
were US$43.59 per tonne in 2010 compared to
US$39.47 per tonne in 2009.
- Mine operating earnings were
$5,649,680 for Q4 2010 compared to $3,538,008 in Q4 2009.
- Net earnings were $16,550,542
or $0.09 per share for Q4 2010 compared to $12,486,886 or $0.11 per share
in Q4 2009. The decrease in earnings on a per share basis reflects the
increase in number of shares outstanding from the acquisition of Platte
River Gold Inc. ("Platte River").
- Underground ore production for
the year increased from 141,640 tonnes in 2009
to 351,874 tonnes in 2010; an increase of 148%.
- The average monthly plant
throughput increased from 17,527 tonnes in 2009
to 31,768 tonnes in 2010; an increase of 81%.
During Q4 2010, the Nuestra Se�ora
plant processed 112,783 tonnes at an average
grade of 0.91% lead, 0.37% copper, 2.01% zinc and 97 g/t silver. As of December 31, 2010,
surface ore stockpiles amounted
to 25,239 tonnes.
- For the year ended December 31,
2010, the plant processed 381,215 tonnes at an
average grade of 1.02% lead, 0.32% copper, 2.04% zinc and 98 g/t silver,
compared to the year ended December 31, 2009 where the plant processed
210,324 tonnes at an average grade of 1.33%
lead, 0.43% copper, 2.60% zinc and 105 g/t silver.
- For the year ended December 31,
2010, contained metals produced in concentrates consisted of 6.159 million
pounds of lead, 1.666 million pounds of copper, 14.104
million pounds of zinc and 910,352 ounces of silver.
- On April 1, 2010, the
Corporation completed the acquisition of Platte River, a private company
with an advanced stage exploration property near the Nuestra
Se�ora mine, for consideration of approximately 74.8 million shares of Scorpio.
- On June 30, 2010, the
Corporation reached a new one year concentrate offtake
contract under which the Corporation agreed to sell 450 to 600 wet metric tonnes ("wmt") of
lead concentrate per month.
- On December 21, 2010, the
Corporation reached agreement on sales terms for zinc and copper
concentrates through to the end of June 2011. Monthly zinc concentrate
production is estimated to be between 1,400 and 1,800 wmt.
Monthly copper concentrate production is estimated to be between 400 and
700 wmt.
- The Corporation received the required
approval to extend the electrical line from the Nuestra
Se�ora processing plant site to the Nuestra Se�ora mine in
October 2010. An electrical sub-station was also constructed at the mine
site to eliminate the mine's dependence on diesel-generated power and
reduce total mine operating costs. The mine was energized from the
electrical grid on January 19, 2011.
- The Corporation re-negotiated
and extended a contract with its offtake agent
to continue to assist in the sales of the concentrates for the next five
years.
- On March 10, 2010, Scorpio Gold
completed a $12.5 million private placement financing, acquired a 70%
interest in the Mineral Ridge Property in consideration for a cash payment
of US$3.75 million and issuance of 7,824,750 of its common shares, and
acquired a net smelter return royalty affecting certain areas of the
Mineral Ridge Property for US$3 million to enhance the economics of the
project. As a result of these transactions, Scorpio Mining's ownership
interest in Scorpio Gold decreased from approximately 75% to approximately
38% and the Corporation determined it no longer controlled the operations
of Scorpio Gold. In October 2010 and January 2011, Scorpio Gold closed
debt and equity financings amounting to $US8 million and $11.6 million,
respectively.
- On March 9, 2011, the
Corporation announced an updated mineral resource and reserve estimate at
its Nuestra Se�ora
mine. The proven and probable reserves increased to 2.764 million tonnes, providing an estimated mine life of six years.
- On March 24, 2011, the
Corporation sold approximately 8.1 million of the shares it held in
Scorpio Gold Corporation for proceeds of $5,172,695. Following this
transaction, Scorpio Mining still holds approximately 19.8 million shares
in Scorpio Gold Corporation representing 19.6% of Scorpio Gold issued and
outstanding shares.
- Revenue from metal payable for
the year totalled $42,230,644 (2009,
$25,584,669) and was distributed as follows: silver 45% (2009, 43%); zinc
28% (2009, 29%); lead 14% (2009, 15%); copper 13% (2009, 13%).
(1)This is a non-GAAP performance measure; please see Non-GAAP Performance
Measures section in the Corporation's MD&A.
This press release should be read in conjunction with the Corporation's audited
consolidated financial statements for the years ended December 31, 2010 and
2009 and the Corporation's management's discussion and analysis of the
financial condition and results of operations of the Corporation for the year
ended December 31, 2010, which are available on the Corporation's website at www.scorpiomining.com and on SEDAR at www.sedar.com.
Further information is available on the Corporation's website at: www.scorpiomining.com. Scorpio Mining's Mexico Country
Manager, John A. Sadek, B.Eng. (Mining), MAusIMM, is a Qualified Person for the Corporation's Mexico
projects and has reviewed the content of this release.
ON BEHALF OF SCORPIO MINING CORPORATION
Parviz Farsangi
President & CEO
For further information contact:
Rich Kaiser, YES International: 1-800-631-8127; 001-757-306-6090 (outside North
America)
Email: rkaiser@scorpiomining.com
This news
release includes certain statements that may be deemed "forward-looking
statements" within the meaning of the United States Private Securities
Litigation Reform Act of 1995 and applicable Canadian securities legislation.
Forward-looking statements include, but are not limited to, statements with
respect to the Corporation's operations, plans, estimates, expectations,
forecasts, objectives, predictions and projections of the future. Generally,
these forward-looking statements can be identified by the forward-looking
terminology such as "plans", "expects" or "does not
expect", "is expected", "budget",
"scheduled", "estimates", "projects",
"intends", "anticipates", or "does not
anticipate", or "believes", or "variations of such words
and phrases or state that certain actions, events or results "may",
"can", "could", "would", "might", or
"will" be taken", "occur" or "be achieved".
Forward-looking statements are subject to known and unknown risks,
uncertainties and other factors that may cause the actual results, level of
activity, performance or achievements of Scorpio Mining Corporation to be
materially different from those expressed or implied by such forward-looking
statements, including but not limited to: risks related to the exploration and
development and operation of the Corporation's projects in Mexico, risks
related to international operations, construction delays and cost overruns, the
actual results of current exploration, development and construction activities,
conclusions of economic evaluations, changes in project parameters as plans
continue to be refined, future prices of silver, zinc, copper, lead and gold,
risks relating to completing acquisition transactions as well as those factors
discussed in the sections relating to risk factors of our business filed in
Scorpio Mining Corporation's required securities filings on SEDAR, including
its Annual Information Form dated March 29, 2011. Although Scorpio Mining
Corporation has attempted to identify important factors that could cause
results to differ materially from those contained in forward-looking
statements, there may be other factors that cause results to be materially
different from those anticipated, described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements will prove
accurate, as actual results and future events could differ materially from
those anticipated in such statements. Accordingly, readers should not place
undue reliance on forward-looking statements. Scorpio Mining Corporation does
not undertake to update any forward-looking statements that are incorporated by
reference herein, except in accordance with applicable securities laws.
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Scorpio Mining Corporation
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PRODUCTEUR |
CODE : SPM.TO |
ISIN : CA80917V1058 |
CUSIP : 80917V |
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ProfilIndicateurs de MarchéVALEUR : Projets & res.Communiqués de PresseRapport annuelRISQUE : Profile actifsContactez la cie |
Scorpio Mining est une société développant des projet miniers d'argent et de zinc basée au Canada. Scorpio Mining est productrice d'argent, de zinc, de cuivre, d'or et de plomb au Mexique, et détient divers projets d'exploration au Mexique. Son principal projet en production est NUESTRA SENORA au Mexique et ses principaux projets en exploration sont SAN RAFAEL - MAIN & UPPER ZONE, SAN RAFAEL - 120 ZONE, EL CAJON DEPOSIT, LA VERDE SINALOA, COSALA DISTRICT et LA REVANCHA au Mexique. Scorpio Mining est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 27,8 millions CA$ (20,0 millions US$, 17,9 millions €). La valeur de son action a atteint son plus haut niveau récent le 16 avril 2004 à 4,00 CA$, et son plus bas niveau récent le 05 février 2016 à 0,06 CA$. Scorpio Mining possède 347 230 016 actions en circulation. |
Rapports annuels de Scorpio Mining Corporation |
Financements de Scorpio Mining Corporation |
Attributions d'options de Scorpio Mining Corporation |
Nominations de Scorpio Mining Corporation |
Rapports Financiers de Scorpio Mining Corporation |
Projets de Scorpio Mining Corporation |
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04/04/2013 | Announces 2013 Exploration Program |
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01/10/2012 | Announces Increased Mineral Resources and Contained Metals a... |
24/09/2012 | Announces Increase in Resource Estimate for El Caj=F3n |
30/01/2012 | (Nuestra Senora)Advances Expansion Planning to Increase Production Capacity ... |
27/01/2012 | Reports Record 2011 Production Results and2012 Guidance for ... |
27/06/2011 | (Nuestra Senora)to Advance Feasibility Study of an Additional Plant and Plan... |
17/03/2011 | (Cosala District)Acquires Additional Mineral Concessions inCosal=E1 District ... |
13/03/2011 | (Nuestra Senora)Reports Nuestra Senora Mineral Reserve of 2.764 Mt @287 AgEq... |
06/05/2010 | (Nuestra Senora)Drilling Reports 42.4 metres grading 198.03 g/t Silver, 1.37... |
05/11/2009 | (San Rafael - Main & Upper Zone)Reports Drill Highlights of Platte River Gold=E2??s La Verde... |
26/02/2009 | (Nuestra Senora)Reports on Drilling of the Main Zone from the 9th Level |
06/11/2008 | Drilling of the North West Main Zone from the 10th Level Co... |
04/11/2008 | (Nuestra Senora)Provides October Operations Update on Nuestra Senora Mine, M... |
06/09/2008 | (Nuestra Senora)?s Drilling of the North West Main Zone Intersects 13,671 g/... |
03/09/2008 | (Nuestra Senora)Provides Operations Update on Nuestra Senora Project, Mexico |
03/07/2008 | (Nuestra Senora)Drilling on 9th Level of the Main Zone Reports 5.80 metres g... |
16/06/2008 | (Nuestra Senora)Mexican Subsidiary Enters Into Agency Agreement for Marketin... |
13/05/2008 | (Nuestra Senora)Receives New Resource Estimate |
05/05/2008 | (Nuestra Senora)Drilling of the Main Zone from the 8th Level of the Nuestra ... |
24/04/2008 | (Nuestra Senora) Commences Production Mining at the Nuestra Senora Project, ... |
11/04/2008 | (Nuestra Senora)Discovers Another New Zone Reporting 11.50 metres grading 16... |
31/03/2008 | (Nuestra Senora)Receives Mill Facility Construction Completion Certificate A... |
18/03/2008 | (Nuestra Senora)Santa Teresa Extension Continues to Produce High-Grade Resul... |
12/03/2008 | (Nuestra Senora)Nuestra Senora Main Zone Increases In Size With Underground ... |
28/02/2008 | (Nuestra Senora)Santa Teresa Deposit Continues to Deliver with Underground D... |
26/02/2008 | (Nuestra Senora) Reports on Mineralized Stockpile for Initial Mill Throughpu... |
14/02/2008 | (Nuestra Senora) Provides Nuestra Senora Project Update, Sinaloa State, Mexi... |
16/01/2008 | (Nuestra Senora)Underground Drilling of Santa Teresa Deposit Reports 32.8 me... |
02/11/2007 | (Nuestra Senora)Deep Drilling of Nuestra Senora Deposit From 11th level Hits... |
02/10/2007 | Reports High-Grade Intercept of 1,158 g/t Ag, 29.95% Zn, 4.2... |
25/09/2007 | (Nuestra Senora)Scorpio's Underground Drilling of Sept 9 Zone Hits 1,483 g/t... |
19/09/2007 | (Nuestra Senora)Underground Drilling of Nuestra Señora Deposit Hits 21 metr... |
30/08/2007 | (Nuestra Senora)Mexico Team Fully Staffed and Ready for Production |
20/08/2007 | (Nuestra Senora)Scorpio's Underground Drilling from the 9th Level of Nuestra... |
13/08/2007 | (Nuestra Senora)Scorpio's Underground Drilling of Nuestra Senora Deposit Hi... |
08/08/2007 | (Nuestra Senora) Provides Nuestra Senora Project Update, Sinaloa State, Mexi... |
30/07/2007 | (Nuestra Senora)First Ever Surface Drilling of Santo Domingo Satellite Depos... |
10/07/2007 | (Nuestra Senora)8 Level Underground Drilling of Nuestra Señora Deposit Repor... |
14/06/2007 | AMENDED: Scorpio Receives Positive Results from the Pre-Feas... |
13/06/2007 | (Nuestra Senora)Receives Positive Results from the Pre-Feasibility Study on ... |
08/06/2007 | (Nuestra Senora)2007 Technical report |
23/04/2007 | (Nuestra Senora)Drilling of Nuestra Señora Main Zone Reports 4.4 metres grad... |
26/03/2007 | (Nuestra Senora)Drilling of Nuestra Senora Zone Hits 11 Mineralized Intercep... |
19/03/2007 | (Nuestra Senora)Drilling of Nuestra Senora Zone Hits 8 Mineralized Intercept... |
21/02/2007 | (Nuestra Senora)Receives Metallurgical Test Work and Moves Forward |
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Communiqués de Presse de Scorpio Mining Corporation |
Publication de commentaires terminée |
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