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Robex Resources has Q3 operating income of $4.67M
2021-11-26 16:45 ET - News Release
Mr. Georges Cohen reports
ROBEX RESOURCES INC.: 2021 THIRD QUARTER RESULTS -- INCREASE IN PRODUCTION AND NEW MINE PLAN
Robex Resources Inc. has released its financial performance for the quarter ended Sept. 30, 2021.
All amounts are presented in Canadian dollars.
In the third quarter of the year, the improvement in the recovery rate (92.1 per cent compared with 88.2 per cent) as well as the ore processing throughput (481,690 tonnes compared with 438,367 tonnes) enabled the company to increase gold production by 6 per cent when compared with the same period in 2020 (11,317 ounces compared with 10,706 ounces). This production performance is not reflected in the third quarter results because the gold bars were sold in other quarters, which led to a lag.
The company wants to draw your attention on the IFRS (international financial reporting standards) accounting rules which are based on gold sold and not produced. As a result, the company's accounting results of this semester have been negatively impacted by the gap between sales and production despite a strong operating performance of the mine, as explained in this press release.
The mine continues to improve. The cone crusher is now operational, and to improve its efficiency, the company has decided to change its feed by acquiring a new trommel (revolving screen). This will optimize the recirculation and efficiency of the cone crusher. The new cyclone feed pumps are now on site. The installation of these pumps should enable the company to continue to increase the daily tonnage.
The stripping work for new pits was completed in the third quarter of 2021.This major project impacted the company's cash flow and its cost price per ounce (AISCi). This step enables the company to excavate new pits optimally. The company has also finalized the new excavation strategy with a new short-term mine plan and another strategic life of mine plan. This work was done in collaboration with a new mining engineer. The monitoring and monthly reconciliation of this new mining plan will make it possible to present a forecast as accurately as possible.
Construction of the solar power plant is progressing. The testing period and commissioning are planned for the first quarter of 2022.
The procedures in place since last year to combat COVID-19 are still in effect and have allowed the company to limit the impact of this pandemic on its operations, but the company is remaining vigilant. No case has been reported at the Nampala mine.
Highlights
6 per cent increase in gold production: Gold production of 11,317 ounces compared with 10,706 ounces for the same period in 2020, which is an increase of 6 per cent. This performance is the result of an increase in the number of processed tonnes and an improvement in the recovery, despite the decrease in the head grade.
Group gold sales of 7,348 ounces for $16.7-million: Gold sales of $16.7-million (7,348 ounces) for the third quarter of 2021 compared with $45.9-million (18,121 ounces) for the same period in 2020. These figures can be explained by two time lags. As of Sept. 30, 2021, 3,834 ounces were available for sale, but were only sold in the fourth quarter for approximately $8.3-million, whereas 7,831 ounces of gold bars produced in the second quarter of 2020 were only sold in the third quarter of 2020 for a total amount of approximately $19.4-million. The two lags combined represent $27.7-million, which account for a greater part of the $29.2-million difference in revenue.
Group operating results of $4-million: The operating results, prepared in accordance with IFRS, were also negatively impacted by the same lags between production and sales. Operating results of $4-million compared with $24.9-million for the same period in 2020, including respectively $2.9-million and $3.5-million in depreciation of fixed assets.
Positive cash flows from operating activities: Cash flows from operating activities of $5.2-million compared with $28-million for the same period in 2020. It should be recalled that the 3,834 ounces of gold available at the end of the quarter have since been sold for approximately $8.3-million.
Reduction of long-term debt by $1.3-million: The group's long-term debt of $5.3-million as of Sept. 30, 2021, compared with $6.6-million as of Dec. 31, 2020.
Positive working capital: Positive working capital of $8.2-million as of Sept. 30, 2021, compared with positive working capital of $8.8-million as of Dec. 31, 2020.
Increase in the value of equity: Shareholder value (equity) has increased by $17.8-million compared with the value as of Dec. 31, 2020.
Significant slowdown of stripping: The stripping work for the four new pits, which was started at the beginning of 2020, was completed at the end of August, 2021. This has resulted in an average operational stripping ratio of 2.8 for this quarter, which is a significant improvement compared with 4.8 and 5.7 in the second and first quarter respectively of 2021.
....
https://www.stockwatch.com/News/Item/Z-C!RBX-3175219/C/RBX
2021-11-26 16:45 ET - News Release
Mr. Georges Cohen reports
ROBEX RESOURCES INC.: 2021 THIRD QUARTER RESULTS -- INCREASE IN PRODUCTION AND NEW MINE PLAN
Robex Resources Inc. has released its financial performance for the quarter ended Sept. 30, 2021.
All amounts are presented in Canadian dollars.
In the third quarter of the year, the improvement in the recovery rate (92.1 per cent compared with 88.2 per cent) as well as the ore processing throughput (481,690 tonnes compared with 438,367 tonnes) enabled the company to increase gold production by 6 per cent when compared with the same period in 2020 (11,317 ounces compared with 10,706 ounces). This production performance is not reflected in the third quarter results because the gold bars were sold in other quarters, which led to a lag.
The company wants to draw your attention on the IFRS (international financial reporting standards) accounting rules which are based on gold sold and not produced. As a result, the company's accounting results of this semester have been negatively impacted by the gap between sales and production despite a strong operating performance of the mine, as explained in this press release.
The mine continues to improve. The cone crusher is now operational, and to improve its efficiency, the company has decided to change its feed by acquiring a new trommel (revolving screen). This will optimize the recirculation and efficiency of the cone crusher. The new cyclone feed pumps are now on site. The installation of these pumps should enable the company to continue to increase the daily tonnage.
The stripping work for new pits was completed in the third quarter of 2021.This major project impacted the company's cash flow and its cost price per ounce (AISCi). This step enables the company to excavate new pits optimally. The company has also finalized the new excavation strategy with a new short-term mine plan and another strategic life of mine plan. This work was done in collaboration with a new mining engineer. The monitoring and monthly reconciliation of this new mining plan will make it possible to present a forecast as accurately as possible.
Construction of the solar power plant is progressing. The testing period and commissioning are planned for the first quarter of 2022.
The procedures in place since last year to combat COVID-19 are still in effect and have allowed the company to limit the impact of this pandemic on its operations, but the company is remaining vigilant. No case has been reported at the Nampala mine.
Highlights
6 per cent increase in gold production: Gold production of 11,317 ounces compared with 10,706 ounces for the same period in 2020, which is an increase of 6 per cent. This performance is the result of an increase in the number of processed tonnes and an improvement in the recovery, despite the decrease in the head grade.
Group gold sales of 7,348 ounces for $16.7-million: Gold sales of $16.7-million (7,348 ounces) for the third quarter of 2021 compared with $45.9-million (18,121 ounces) for the same period in 2020. These figures can be explained by two time lags. As of Sept. 30, 2021, 3,834 ounces were available for sale, but were only sold in the fourth quarter for approximately $8.3-million, whereas 7,831 ounces of gold bars produced in the second quarter of 2020 were only sold in the third quarter of 2020 for a total amount of approximately $19.4-million. The two lags combined represent $27.7-million, which account for a greater part of the $29.2-million difference in revenue.
Group operating results of $4-million: The operating results, prepared in accordance with IFRS, were also negatively impacted by the same lags between production and sales. Operating results of $4-million compared with $24.9-million for the same period in 2020, including respectively $2.9-million and $3.5-million in depreciation of fixed assets.
Positive cash flows from operating activities: Cash flows from operating activities of $5.2-million compared with $28-million for the same period in 2020. It should be recalled that the 3,834 ounces of gold available at the end of the quarter have since been sold for approximately $8.3-million.
Reduction of long-term debt by $1.3-million: The group's long-term debt of $5.3-million as of Sept. 30, 2021, compared with $6.6-million as of Dec. 31, 2020.
Positive working capital: Positive working capital of $8.2-million as of Sept. 30, 2021, compared with positive working capital of $8.8-million as of Dec. 31, 2020.
Increase in the value of equity: Shareholder value (equity) has increased by $17.8-million compared with the value as of Dec. 31, 2020.
Significant slowdown of stripping: The stripping work for the four new pits, which was started at the beginning of 2020, was completed at the end of August, 2021. This has resulted in an average operational stripping ratio of 2.8 for this quarter, which is a significant improvement compared with 4.8 and 5.7 in the second and first quarter respectively of 2021.
....
https://www.stockwatch.com/News/Item/Z-C!RBX-3175219/C/RBX