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Breakwater Resources Ltd

Publié le 29 avril 2010

First Quarter 2010 Financial and Operating Results

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Mots clés associés :   Canada | Copper | Honduras | Zinc |
 

Toronto, Canada - April 29, 2010 - (TSX - BWR, BWR.WT.A)  Breakwater Resources Ltd. realized net earnings of $24.8 million or $0.04 per share in the first quarter of 2010 compared with a net loss of $6.5 million or $0.01 per share in the first quarter of 2009. 


The main items affecting the movement to net earnings were:

 

  • $41.6 million (US$50.6 million) or 65% higher gross sales revenue primarily due to significantly higher metal prices and higher concentrate sold partially offset by a stronger C$
  • 12% lower treatment and marketing costs primarily due to a stronger C$ and more favourable smelter terms and freight rates
  • $5.2 million or 16% higher direct operating costs primarily due to 7% higher concentrate sales and higher costs at Toqui partially offset by the impact of a stronger C$
  • $2.3 million write-down of mineral properties and fixed assets primarily due to the termination of earn-in option agreements on certain exploration properties
  • $3.3 million or 115% higher income and mining tax provision primarily due to higher earnings before tax at all operations partially offset by a $2.0 million tax expense in 2009 which did not recur in 2010

David M. Petroff, President and Chief Executive Officer, stated that, "Strong metal prices have put us well along the road to recovery and I'm pleased to report, in addition to first quarter earnings of $25 million, we had over $65 million in cash at the end of March.  Recognizing that our exploration programs at each site were conservative, the planned exploration budget is being increased to $6.9 million with $2.5 million to be spent at Mochito, $2.1 million at Toqui and $2.3 million in the Province of Quebec."

 

Mr. Petroff went on to say, "We also plan to accelerate certain development and drilling at Myra Falls resulting in $5.3 million of additional capital expenditures bringing the total to $15.3 million for Myra Falls and $54.8 million for the Company.  Otherwise, the capital programs are progressing well, on time and on budget. From a risk management perspective, zinc price protection will be maintained, either by way of the purchase of put options or some other form of hedging to protect our shareholders."


Finally, Mr. Petroff noted, "Our focus of maintaining profitable low cost base metal operations in Honduras and Chile and maximizing output at Myra Falls while maintaining strict cost controls is succeeding.  We have hit our targets for zinc and copper production while exceeding our targets for lead, silver and gold.  As well, our operating costs per tonne milled are substantially on plan.  At Langlois, the development work is progressing well and we continue to monitor the markets with the intention of making a formal decision to reopen that mine when the time is optimal. "


Gross Sales Revenue

A breakdown of gross sales revenue is set forth in the following table.

 

First Quarter 2010

First Quarter 2009

 

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

52,040

21,979

2,197

      48,296

50,110

22,174

1,156

      25,629

Copper

6,768

1,502

7,163

      10,760

9,556

2,032

3,635

        7,389

Lead

8,889

5,502

2,248

      12,369

5,467

3,471

1,202

        4,172

Gold(2)

3,084

16,547

1,116

      18,459

918

9,217

873

        8,044

Silver

n.a.

713,947

17.23

      12,303

n.a.

546,820

12.22

        6,680

Price protection gain

n.a.

 

 

           240

n.a.

 

 

n.a.

Other(3)

n.a.

 

 

(485)

n.a.

 

 

(604)

 

70,781

 

 

 

66,051

 

 

 

Gross sales revenue in US$

 

   101,942

 

 

 

      51,310

Exchange rate

 

     1.0370

 

 

 

      1.2499

Gross sales revenue in C$

 

   105,711

 

 

 

      64,130



(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.

 

Concentrate Sales Breakdown by Mine

Concentrate Sold

First Quarter

First Quarter

(tonnes)

2010

2009(1)

Zinc:

 

 

Mochito

18,313

13,886

Toqui

13,754

16,022

Myra Falls

19,973

16,584

Langlois

-

3,618

 

52,040

50,110

Copper:

 

 

Myra Falls

6,768

9,235

Langlois

-

321

 

6,768

9,556

Lead:

 

 

Mochito

8,423

5,467

Toqui

466

-

 

8,889

5,467

Gold:

 

 

Toqui

3,075

917

Myra Falls

9

1

 

3,084

918

All Metals

70,781

66,051

(1)     Due to the Company's revenue recognition policy, certain concentrate produced prior to the temporary suspension of Langlois on November 2, 2008 was not recognized in revenue until the first quarter of 2009.

 
Treatment and Marketing Costs

Treatment and marketing costs decreased 12% to $20.8 million in the first quarter of 2010 from $23.7 million in the first quarter of 2009 primarily due to lower freight rates, the mix of concentrates sold and more favourable smelter terms despite the tonnes of concentrate sold increasing by 7%.  Treatment and marketing costs for the first quarter of 2010 were 20% of gross revenue compared with 37% in 2009.  As a percentage of gross sales revenue, the decrease was primarily due to higher metal prices and the factors noted above.

 
Direct Operating Costs

Direct operating costs were 16% higher in the first quarter of 2010 at $38.6 million compared with $33.3 million in the first quarter of 2009.  The increased costs were primarily due to higher concentrate sales and higher costs at Toqui.  On a cost per tonne of concentrate sold basis, direct operating costs increased to $545 in the first quarter of 2010 from $505 in 2009 primarily due to the factors noted above.


Write-down of Mineral Properties and Fixed Assets

In the first quarter of 2010, the Company elected not to participate further in the Trieste and Gayot projects and wrote-down $1.6 million.  Additionally, $0.7 million was written-off relating to exploration properties which were deemed not commercially viable.

 
Income and Mining Tax Provision

In the first quarter of 2010, income and mining tax provision increased by $3.3 million compared with the respective 2009 period primarily due to higher earnings before tax at all operations partially offset by a $2.0 million Quebec mining duties tax provision in 2009 which did not recur in 2010.

Working Capital

Working capital at March 31, 2010 was $89.0 million compared with $70.7 million at December 31, 2009, an increase of $18.3 million.


Net Cash Provided By (Used In) Operating Activities

Net cash provided by operating activities was $38.5 million for the period ended March 31, 2010 compared with cash used of $10.0 million in the same period in 2010. 


Capital Expenditures

The Company invested $12.2 million in mineral properties and fixed assets in the first quarter of 2010.  At mining operations, $3.9 million, $6.7 million, $0.9 million and $0.5 million were spent at Mochito, Toqui, Myra Falls and Langlois respectively.  Corporate capital expenditures were $0.2 million.


The complete unaudited consolidated financial statements for the period ended March 31, 2010, with the comparative figures for the period ended March 31, 2009, the related notes, and Management's Discussion and Analysis of the financial and operating results have been filed on www.sedar.com.  Additionally, the documents have been made available on our website at

http://www.breakwater.ca/Investors/AnnualandQuarterlyReports/default.aspx or from the following link:

First Quarter Report 2010

 I'd also like to remind you that we will be holding our conference call tomorrow Friday, April 30, 2010, commencing at 10:00 a.m. (ET) to discuss these results.  David Petroff, President and Chief Executive Officer will host the call which will also be accessible via a live webcast.

 

 

 Phone: 1-800-319-4610 (Canada and USA) or +1-604-638-5340 (outside of Canada and USA)

 

Webcast:         http://services.choruscall.com/links/breakwater100430.html

 

After the broadcast, an archive of the webcast will be available at the above URL.

 

 

The scheduled speakers on the conference call will be David Petroff, President and Chief Executive Officer; Dave Langille, Vice-President, Finance and Chief Financial Officer; and Steve Hayes, Chief Commercial Officer.

For further information please contact:

 

 

            Breakwater Resources Ltd.

            Ann Wilkinson

            Vice-President, Investor Relations

            (416) 363-4798 Ext. 277

 

Données et statistiques pour les pays mentionnés : Canada | Honduras | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Honduras | Tous

Breakwater Resources Ltd

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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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