Fermer X Les cookies sont necessaires au bon fonctionnement de 24hGold.com. En poursuivant votre navigation sur notre site, vous acceptez leur utilisation.
Pour en savoir plus sur les cookies...
AnglaisFrancais
Cours Or & Argent en

Orvana Minerals Corp

Publié le 04 novembre 2013

Orvana Minerals takes strides towards sustained profitability

( 0 vote, 0/5 ) Imprimer l'article
  Article Commentaires Commenter Notation Suivre la société  
0
envoyer
0
commenter
Mots clés associés :   Copper | Report |

 

VantageWire Exclusive 

Orvana Minerals takes strides towards sustained profitability

A Slow Beginning

Orvana Minerals Corp. (ORV: TSX) got off to a rough start at its gold and copper properties in Spain and Bolivia, but recent results suggest the Toronto-based company has turned the corner towards sustained profitability.

Challenges encountered in bringing the mines into production in 2011 tarnished Orvana's credibility in the markets after the company failed to deliver on a number of its commitments.

At the flagship El Valle/Boinas-Carles (EVBC) gold and copper project in northern Spain there were capital expenditure issues, commissioning delays and staffing difficulties.

And at the company's Don Mario Mine (UMZ) in Bolivia, start-up problems centred on processing of the complex ore.

Changes to the management team in 2012 coincided with a much-improved operational and financial performance.

The EVBC Mine achieved its first full year of commercial production in 2012, and UMZ also achieved commercial production in January 2012 with an improved processing system.

Also in 2012, Orvana's U.S. Copperwood copper project in northern Michigan made significant strides towards becoming fully permitted.

By the end of FY2012, the rejuvenated Orvana team could look back with some satisfaction on production figures of 55,929 ounces gold, more than 15.36 million pounds copper and over 716,000 ounces silver.

Nevertheless, the initial hiccups had left the company with difficulties in servicing its significant debt. It was fortunate to have a majority shareholder, Fabulosa Mines Ltd., prepared to hold out for better times.

Keeping the Faith

Fabulosa, with 52 per cent of Orvana's shares, kept faith with the company by providing capital injections to keep all its projects moving forward.

There was also strong support from a revamped and strengthened board of directors. Among the newcomers was veteran mining executive Michael Winship, who joined the Orvana board in 2013 and just one month later was invited to step in as interim President and CEO.

"It was unexpected," says Winship, whose previous roles included stints as COO of Quadra FNX Mining and President of HudBay Minerals. "But I have a strong background in operations and development, and I was pleased to help out."

Triumph Over Adversity

With Winship's seasoned hand at the helm, Orvana has made rapid progress throughout 2013, cutting costs, boosting production, improving its safety record and targeting new exploration possibilities.

Despite the failure in June of a newly installed hoist at the flagship Spanish operation, EVBC set record production numbers in the second half of FY 2013, contributing to a year-long total of 65,992 ounces of gold, over 6.66 million pounds of copper and 197,768 ounces of silver.

The hoist accident - in which no one was injured - "was certainly a negative for us," says Winship. "But I am particularly pleased about how the operation responded in the face of adversity. Everybody rallied, and we surprised even ourselves by actually growing production, even without that primary hoisting shaft. We are quite proud about that."

Proving his point, throughput at the mill hit an all-time high in August, averaging 2,250 DMT/d, showing that the plant is capable of operating at least 10 per cent above nominal capacity for prolonged periods. Repairs to the hoist should be complete by early 2014.

Meanwhile, production at the UMZ Mine in Bolivia for FY2013 was 14,549 ounces of gold, over 10.6 million pounds of copper and 820,043 ounces of silver.

Winship declared he was "very pleased" that the company met its production targets for FY2013, saying he looked forward to further success in FY2014. Those targets have now been set at 80,000 to 93,000 ounces gold, 18 to 20 million pounds copper and 875,000 to 950,000 ounces silver from the EVBC Mines and the UMZ Mine.

The Bottom Line

  Past News Releases
  Tue, Oct 15, 2013

Orvana Surpasses 2013 Production Guidance
 

  Mon, Sept 23, 2013

Orvana Provides Update On Copperwood Project, Upper Peninsula, Michigan, USA
 

  Thur, Aug 15, 2013

Orvana Reports Successful Completion of Annual Wage Negotiations at its UMZ Mine in Bolivia

Orvana's goal in 2014 is to achieve its production targets while simultaneously driving down costs, controlling capital spending, streamlining its workforce, further improving safety measures and continuing to pay down the company's approximately $40-million in net debt. Under current projections, that debt should largely be cleared in 2016. In the event of unforeseen problems, Orvana has a safety net in the form of a credit facility provided by its majority shareholder through 2014.

Winship says Orvana has "excellent organic growth opportunities" both in Spain and Bolivia.

At its operations in Spain, there is potential to explore and grow both mines, while improving performance in processing and ramping up mill production.

Capital expenditures will be held to a minimum and limited to ongoing underground development and certain necessary sustaining capital. There are plans to spend $2 million in exploration, aimed at adding some half-a-million ounces in resources in Spain.

Safety will continue to be a priority, with a recent statistic showing 230 consecutive days without a lost-time accident. And a number of measures are either planned, or are already in place, to reduce costs.

In Bolivia, Orvana will continue to ramp up gold production, aided by the installation of a gold gravity circuit expected to increase gold recovery from the current average of about 45 per cent to up to 65 per cent.

The company has also switched to the exclusive use of a sulphide flotation process, after terminating the much more costly LPF campaigns.

Orvana is also planning to invest close to $1 million in Bolivia in an attempt to delineate "maybe 680,000 ounces" of gold.

Winship says Orvana wants to become "a 100,000-ounce-per-year producer, while on the cost side we want to lower our all-in-sustaining costs below $1,000 per gold ounce consistently."

Orvana's share price, like every other gold producer, has hit lows.

"It's concerning," says Winship, "but we focus on what we can control and make a difference on. Our model in these times, when everybody is beaten down, is to under-promise and over-deliver. We believe the market is going to turn at some point and people will recognize what we have achieved."

About the Copperwood project, Winship says: "We have moved along steadily though the past two years to get all our permits in place. That is an outstanding achievement."

The remaining challenge is financing a move to production.

A year ago, he says, the market was somewhat skeptical about Copperwood. But, with all permits in place, engineering studies complete and "tremendous community support," the project has added to its lustre.

Orvana is "taking a two-pronged approach" to Copperwood. One possibility is to identify a JV partner. The other is to find an interested buyer. "We have been approached by a number of parties," says Winship, "and we are open to divestiture."

Alan Ferguson
for the Bottom Line Report

Orvana Minerals Corp.

181 University Avenue
Suite 1901
Toronto, Ontario
M5H 3M7
Tel: 416 369 1629
Fax: 416 369 1402

Legal Disclaimer/Disclosure: A fee has been paid for the production and distribution of this Report. This document is not and should not be construed as an offer to sell or the solicitation of an offer to purchase or subscribe for any investment. No information in this Report should be construed as individualized investment advice. A licensed financial advisor should be consulted prior to making any investment decision. The Bottom Line Report makes no guarantee, representation or warranty and accepts no responsibility or liability as to its accuracy or completeness. Expressions of opinion are those of the Bottom Line Report only and are subject to change without notice. The Bottom Line Report assumes no warranty, liability or guarantee for the current relevance, correctness or completeness of any information provided within this Report and will not be held liable for the consequence of reliance upon any opinion or statement contained herein or any omission. Furthermore, we assume no liability for any direct or indirect loss or damage or, in particular, for lost profit, which you may incur as a result of the use and existence of the information, provided within this Report.

Disclaimer: Vantage Communications Ltd. was paid to distribute this bulletin. Vantage Communications may or may not own securities in this particular company. THIS IS NOT A RECOMMENDATION TO BUY OR SELL ANY SECURITY! You are on this mailing list because you registered for VantageWire News. Past performance of Companies mentioned does not guarantee future performance. This email complies with the US Federal CAN-SPAM Act of 2003

If you would like to opt out of You are receiving this email because you opted in at VantageWire.com . For more information about this service, please contact: Vantage Communications Ltd. at 1.800.574.0901, Suite 150 - 666 Burrard St, Vancouver, British Columbia V6C 2X8

� 2013 Copyright Vantage Communications Ltd. All Rights Reserved.

Orvana Minerals Corp

PRODUCTEUR
CODE : ORV.TO
ISIN : CA68759M1014
CUSIP : 68759M101
Suivi et investissement
Add to watch list Add to your portfolio Add or edit a note
Ajouter une alerte Ajouter aux Watchlists Ajouter au portefeuille Ajouter une note
ProfilIndicateurs
de Marché
VALEUR :
Projets & res.
Communiqués
de Presse
Rapport
annuel
RISQUE :
Profile actifs
Contactez la cie

Orvana Min. est une société de production minière de cuivre et d'or basée au Canada.

Orvana Min. est productrice de cuivre, d'or, d'argent en Bolivie et en Espagne, et détient divers projets d'exploration en Espagne.

Ses principaux projets en production sont DON MARIO (CERRO PELADO) en Bolivie et EL VALLE-BOINÁS/CARLÉS en Espagne et son principal projet en exploration est COPPERWOOD en Espagne.

Orvana Min. est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 30,1 millions CA$ (24,0 millions US$, 21,1 millions €).

La valeur de son action a atteint son plus bas niveau récent le 29 décembre 2000 à 0,05 CA$, et son plus haut niveau récent le 24 décembre 2010 à 3,97 CA$.

Orvana Min. possède 136 623 171 actions en circulation.

Votre avis nous interesse, merci de laisser un commentaire ou de noter cet article.
Evaluer : Note moyenne :0 (0 vote) Voir les mieux notés
 
Rapports annuels de Orvana Minerals Corp
Correction and re-filing of its annual report
Financements de Orvana Minerals Corp
11/08/2011. Announces Completion of Equity Offering
26/07/2011. Announces Equity Offering
18/05/2011Obtains US$15 Million Bridge Loan Commitment and Amends Shar...
Nominations de Orvana Minerals Corp
30/03/2015Announces Appointment of New Chief Executive Officer
08/04/2013. Announces Appointment of New Interim Chief Executive Offic...
09/03/2012Announces Changes to Board of Directors
04/01/2012Appoints Ron Simkus to the Board of Directors
25/02/2010Appointment of Roland Horst as Chief Executive Officer
22/02/2010Appointment of new vice president, Mining
24/08/2009Appoints James Gilbert to board of Directors
Rapports Financiers de Orvana Minerals Corp
07/02/2014Orvana Reports Results for the First Quarter of Fiscal 2014 ...
08/02/2013Orvana Reports Results for the First Quarter of Fiscal 2013 ...
08/02/2013Reports Results for the First Quarter of Fiscal 2013 With Ad...
15/05/2012Reports Results for the Second Quarter Ended March 31, 2012
15/03/2012Announces Results for the First Quarter Ended December 31, 2...
01/03/2012Announces Revised Issue Date for Its Financial Statements fo...
14/02/2011Reports First Quarter Results for the Three Months Ended Dec...
16/02/2010Reports operating results for the first quarter ended decemb...
17/08/2009Operating results for the third quarter ended june 30, 2009
19/05/2009Operating results for the 2nd quarter ended march 31, 2009
13/02/2009reports operating results for the first quarter ended decemb...
15/08/2008Reports operating results for the third quarter ended june 3...
15/05/2008Reports Operating Results for the second Quarter ended March...
Projets de Orvana Minerals Corp
09/12/2014Reports Record Gold and Copper Production, Balance Sheet Sig...
11/02/2014Highland to Acquire Orvana's Copperwood Project
06/12/2013Orvana Reports Record Mine Performance and Fiscal 2013 Resul...
15/10/2013Orvana Surpasses 2013 Production Guidance
15/10/2013Surpasses 2013 Production Guidance
23/09/2013(Copperwood)Provides Update on Copperwood Project, Upper Peninsula, Mich...
25/02/2013Orvana Granted Wetlands Permit for Copperwood Project, Upper...
25/02/2013(Copperwood)Granted Wetlands Permit for Copperwood Project, Upper Penins...
18/10/2012Orvana Reports Production Results for the Fourth Quarter and...
30/04/2012(Copperwood)Receives Part 632 Mining Permit for Copperwood Project, Uppe...
07/02/2012(Copperwood)Announces Feasibility Study Results for Copperwood Project, ...
24/06/2011(Copperwood)Announces Prefeasibility Study Results for Copperwood Projec...
05/06/2011(El Valle-boinás/carlés)Announces Commissioning of El Valle-Boinas/Carles Gold/Coppe...
25/03/2011(El Valle-boinás/carlés)Provides Update from El Valle-Boinas/Carles Mine, Northern S...
07/03/2011(Don Mario (cerro Pelado)).: Construction Completed of Leaching-Precipitation-Flotatio...
25/02/2011(Copperwood)Reports Measured and Indicated Resources Increase of 50% for...
05/03/2010(El Valle-boinás/carlés)Updated resource estimate at El Valle-Boinás/Carlés Project
17/02/2010(El Valle-boinás/carlés)Provides update on El Valle-Boinas/Carles Project
20/01/2010(Copperwood)Reports final assay batch from its Copperwood Project
13/07/2009(Copperwood)Provides drill program update
19/05/2009(Don Mario (cerro Pelado))announces completion of updated feasibility study and decisi...
13/02/2009(Copperwood)New drill results from Copperwood
11/02/2009(Copperwood)Collection for environmental studies commenced at copperwood
09/02/2009(Don Mario (cerro Pelado))Progresse on a detalied Operation Study
Communiqués de Presse de Orvana Minerals Corp
18/12/2015Orvana Reports Year End, Fourth Quarter Fiscal Results and P...
01/10/2015Merger Market article from Sept 11, 2015
30/09/2015Orvana Announces Two New Mineral Resource Estimates at Don M...
16/09/2015Orvana on Track to Deliver Don Mario Mine Life Extension and...
07/08/2015Orvana Reports Third Quarter Fiscal Results
13/04/2015to Present at the European Gold Forum, Zurich and the 1-2-1 ...
13/04/2015Orvana to Present at the European Gold Forum, Zurich and the...
12/04/2015Orvana Reports Production for Second Quarter 2015 and Update...
08/04/2015Orvana Announces Appointment of Chief Financial Officer
30/03/2015Orvana Announces Appointment of New Chief Executive Officer
25/03/2015to Present at the John Tumazos Very Independent Research Met...
25/03/2015Orvana to Present at the John Tumazos Very Independent Resea...
27/02/2015Orvana Announces Results of Annual Shareholders' Meeting
24/02/2015Orvana to Exhibit at Prospectors and Developers Association ...
23/02/2015Announces Annual Shareholders' Meeting, Live Webcast Februar...
23/02/2015Orvana Announces Annual Shareholders' Meeting, Live Webcast ...
05/02/2015Orvana Reports First Quarter Fiscal 2015 Results, Strong Bal...
17/01/2015Continues to Deliver Results in the First Quarter 2015 and R...
17/01/2015Orvana Continues to Deliver Results in the First Quarter 201...
08/01/2015Orvana Minerals to Attend Vancouver Resource Investment Conf...
16/12/2014Orvana Receives $7.5 Million Additional Cash Payment for Cop...
09/12/2014Orvana Reports Record Gold and Copper Production, Balance Sh...
01/12/2014Orvana Announces Fourth Quarter Financial Results Release Da...
04/11/2013Orvana Minerals takes strides towards sustained profitabilit...
15/08/2013Midday Breaking News From Orvana and Eagle Hill
15/08/2013Reports Successful Completion of Annual Wage Negotiations at...
09/08/2013Orvana Achieves Strong Mine Performance in Fiscal Third Quar...
09/08/2013Achieves Strong Mine Performance in Fiscal Third Quarter
17/07/2013Reports Suspension of its Leach-Precipitation-Flotation Plan...
08/07/2013Midday Breaking News From Cavan=2C Orvana=2C and Pacific Pot...
08/07/2013Advises Production Guidance for Fiscal 2013 Remains on Targe...
17/06/2013Reports Hoist Incident and Provides Company Update
14/05/2013Mid-Day Breaking News From Orvana, Skyharbour, Zenyatta, Dig...
14/05/2013Achieves Strong Mine Performance In Fiscal Second Quarter
24/04/2013Celebrates 60 Years on the TSX
15/04/2013Mid-Day Breaking News From Orvana Minerals and Pacific Potas...
03/01/2013Reports Fiscal 2012 Conference Call Details
18/10/2012Reports Production Results for the Fourth Quarter and Fiscal...
21/08/2012Mid-Day Breaking News From Orvana, Great Panther, Lomiko, Tr...
13/08/2012Mid-Day Breaking News From Orvana, CanAm, Corazon, and Rio G...
13/08/2012Reports Results for the Third Quarter With Adjusted Earnings...
18/07/2012Announces June Operations Results for El Valle-Boinas/Carles...
10/07/2012Announces June Operations Update for the Upper Mineralized Z...
19/06/2012Announces May Operations Update for El Valle-Boinas/Carles G...
05/06/2012Announces Changes to Executive Management
09/05/2012Provides an Operations Update for the Upper Mineralized Zone...
17/04/2012Announces Operations Update at El Valle-Boinas/Carles Gold/C...
10/04/2012Announces Commercial Production and Increases Gold and Silve...
16/02/2012Completes a US$13.8 Million Increase in Its Credit Facility ...
18/01/2012Provides an Operations Update and Revised Reserve Estimate f...
13/12/2011Reports Results for the Year Ended September 30, 2011
06/12/2011. Announces Changes in Management
22/09/2011Announces Drill Results and Provides an Operations Update at...
11/07/2011on Orvana Operations
05/04/2011Announces Production at Don Mario UMZ Copper-Gold-Silver Min...
26/02/2010Additions to board of directors
15/01/2010Update on activities relating to El valle-Boinas/Carles
05/10/2009Amalgamation of kinbauri gold corp. and orvana minerals acqu...
25/09/2009Completes Compulsory Acquisition of Kinbauri Common Shares
18/08/2009Takes up Kinbauri shares and extends offer until august 28, ...
13/08/2009 Urges Kinbauri shareholders to tender their shares
04/08/2009Extends offer to acquire kinbauri to august 17, 2009
30/07/2009Supports Kinbauri's decision to let shareholders decide
30/07/2009Urges Kinbauri shareholders to tender to its all-cash offer
29/07/2009Issues reminder that its all cash offer
28/07/2009Kinbauri Shareholders Urged to Tender To The Orvana Offer by...
24/07/2009receives notification that Kinbauri has agreed to waive its ...
21/07/2009raises cash offer for Kinbauri to C$0,75 per share
15/07/2009Extends its offer to acquire Kinbauri Gold Corp.
02/07/2009Extends its Offer to Acquire Kinbauri Gold Corp. to July 13,...
25/05/2009Commences all-cash offer to acquire Kinbauri Glod Corp.
19/05/2009 to apply to OSC for relief relating to Kinbauri's recent ac...
14/05/2009Highlights risks and uncertainties surrounding Kinbauri's pr...
04/12/2008Reports Record Revenue, Cash Provided by Operating Activitie...
10/09/2008Enters into a minerals lease in the state of Michigan
Publication de commentaires terminée
 
Dernier commentaire publié pour cet article
Soyez le premier à donner votre avis
Ajouter votre commentaire
TORONTO (ORV.TO)OTHER OTC (ORVMF)
0,220-2.22%0,165+3.13%
TORONTO
CA$ 0,220
09/01 14:22 -0,010
-2,22%
Cours préc. Ouverture
0,225 0,225
Bas haut
0,220 0,225
Année b/h Var. YTD
0,200 -  0,225 10,00%
52 sem. b/h var. 52 sem.
0,175 -  0,530 -32,31%
Volume var. 1 mois
19 031 10,00%
24hGold TrendPower© : -12
Produit Copper - Gold - Silver
Développe
Recherche Copper - Silver
 
 
 
Analyse
Interactive chart Add to compare
Graphique
interactif
Imprimer Comparer Exporter
Dernière mise à jour le : 14/05/2010
Vous devez être connecté pour accéder au portefeuille (gratuit)
Top Newsreleases
LES PLUS LUS
Variation annuelle
DateVariationMaxiMini
202312,82%
2022-36,07%0,530,18
2021-11,59%0,540,23
2020115,63%0,360,11
20193,23%0,410,12
 
Graphique 5 ans
 
Graphique 3 mois
 
Graphique volume 3 mois
 
 
Nouvelles des Sociétés Minières
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
0,12 AU$-8,00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
7,05 AU$-0,84%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
2,20 AU$+0,00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
3,86 AU$+0,00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
0,12 CA$+4,55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
0,02 CA$+100,00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
7,04 US$-1,81%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
0,20 US$-12,28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
0,70 GBX-2,91%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
0,08 CA$-21,05%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
1,97 CA$+4,79%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
1,84 CA$+0,00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
9,41 CA$+2,84%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
0,18 CA$-5,41%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
0,32 AU$+3,23%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
6,80 US$-2,86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
2,30 CA$+0,88%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
62,20 US$+1,58%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
8,66 CA$-0,35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
0,03 AU$+12,00%Trend Power :