Atico Mining loses $470,246 (U.S.) in Q2 2015
2015-08-24 16:55 ET - News Release
Mr. Fernando Ganoza reports
ATICO REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE SECOND QUARTER OF 2015
Atico Mining Corp. has released its financial results for the three months ended June 30, 2015, posting income from operations of $507,601 and net loss of $470,246. All amounts are expressed in U.S. dollars, unless otherwise stated.
Fernando E. Ganoza, CEO, commented, "In the second quarter the operation results were a significant improvement over the same period last year. This however did not reflect in the financial results mainly due to only one shipment of concentrate scheduled for the quarter at which point revenue is recognized." Mr. Ganoza continued, "The operation was cash flow positive during the quarter and the first half of the year, and we expect to continue to strengthen our balance sheet during the remainder of the year. We anticipate a strong third quarter both financially and in terms of production results."
Second Quarter Financial Highlights
-- Net loss for the three months ended June 30, 2015 amounted to $470,246, compared with a loss of $205,712 for the same period last year.
-- Sales for the quarter decreased 18% to $6.12 million when compared with same period last year. The decrease is due to lower realized prices and lower metal content in the concentrate, partially offset by a modest increase in concentrate shipped. Copper accounted for 85.3% of the total, and gold and silver for 14.6% and 0.1% respectively. The average realized price per metal on provisional invoicing was $2.56 per pound ("lbs") of copper, $1,165.73 per ounce ("oz") of gold and $15.57 per ounce of silver.
-- Cash costs (1) were $104.4 per tonne of processed ore and $1.16 per pound of payable copper produced, a 14.8% increase over the same period last year's cash cost per pound of payable copper.
-- Income from operations was $507,601 while cash flow from operations, before changes in working capital was $2.08 million. Capital expenditures amounted to $1.65 million.
-- At the quarter-end, 3,919 wet metric tonnes of non-invoiced concentrate remained at the Company's warehouses.
Second Quarter Summary of Financial Results
Q2 Q2
2015 2014 % Change
Revenue $ 6,116,976 $ 7,500,276 -18%
Cost of sales (4,091,393) (5,039,594) -19%
Income from mining operations 2,025,583 2,460,682 -18%
As a % of revenue 33% 33% 1%
Selling, general and
administrative expenses 1,408,116 1,259,878 12%
Income from operations 507,601 1,023,309 -50%
As a % of revenue 8% 14% -39%
Income before income taxes 12,376 421,020 -97%
Net income (loss) (470,246) (205,712) -129%
As a % of revenue -8% -3% -180%
Operating cash flow before
changes in non-cash operating
working capital items (1) 2,076,473 2,122,196 -2%
Second Quarter Operations Review
In the quarter, the Company produced 2.9 million lbs of copper, 2,298 oz of gold and 6,941 oz of silver. When compared to same period last year, production increased 41%, 7%, and 4% for copper, gold and silver, respectively. Cash costs (1) for the period were $104.4 per tonne of processed ore, and $1.16 per pound of payable copper produced, a 6.4% decrease in the cost per tonne and a 14.8% increase in the cash cost per pound over the same period last year. The increase in the cash cost (1) per pound of payable copper net of by products is mainly explained by a reduced contribution of gold and silver credits due to lower prices and comparatively less metal produced. This effect was partially offset by the lower cash cost per processed tonne.
Second Quarter Operational Details
Q2 Q2
2015 2014 % Change
Production (Contained in Concentrates)(i)
Copper (000s pounds) 2,910 2,070 41%
Gold (ounces) 2,298 2,155 7%
Silver (ounces) 6,941 6,673 4%
Mine
Tonnes of ore mined 41,287 37,206 11%
Mill
Tonnes processed 40,747 33,888 20%
Tonnes processed per day 575 440 31%
Copper grade (%) 3.45 3.07 12%
Gold grade (g/t) 2.65 3.12 -15%
Silver grade (g/t) 9.02 13.27 -32%
Recoveries
Copper (%) 93.7 90.1 4%
Gold (%) 66.2 63.4 4%
Silver (%) 58.7 46.2 27%
Concentrates
Copper Concentrates (dmt) 6,938 4,388 58%
Copper (%) 19.0 21.4 -11%
Gold (g/t) 10.3 15.3 -33%
Silver (g/t) 31.1 47.3 -34%
Payable copper produced (000s lbs) 2,764 1,967 41%
Cash cost per pound of payable copper (1)(2)
($/lbs) 1.16 1.01 15%
(i) Subject to adjustments due to final settlement
(1) These are alternative performance measures; please refer to "Non-GAAP
Financial Measures" at the end of this release.
(2) Net of by-product credits
The financial statements and MD&A are available on SEDAR and have also been posted on the company's website at http://www.aticomining.com/s/FinancialStatements.asp
http://www.stockwatch.com/News/Item.aspx?bid=Z-C:ATY-2305045&symbol=ATY®ion=C
[url=http://peketec.de/trading/viewtopic.php?p=1611586#1611586 schrieb:
Kostolanys Erbe schrieb am 06.08.2015, 00:02 Uhr[/url]"]Nehme CUM auch auf WL!
http://www.cumtn.com/s/index.php
Copper Mountain Mining Corp (TSX:CUM) is a Canadian based, high growth mining company focused on adding value through successful exploration, project development, efficient operations, and opportunistic acquisitions. Maintaining a low risk profile through project diversification, astute financial management and operating in secure jurisdictions are key priorities for Copper Mountain's Management team
Bald kommen die Zahlen...
Upcoming Events
Aug. 10, 2015 2015 Q2 Conference Call
Time: 7:30AM Pacific,
10:30AM Eastern
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[url=http://peketec.de/trading/viewtopic.php?p=1606561#1606561 schrieb:
Kostolanys Erbe schrieb am 23.07.2015, 10:07 Uhr[/url]"]
[url=http://peketec.de/trading/viewtopic.php?p=1606554#1606554 schrieb:
greenhorn schrieb am 23.07.2015, 09:52 Uhr[/url]"]
ATY für mich auch die Wahl, haben ein hochgradiges Minchen am laufen und können damit auf der Kostenseite punkten
sind m.M.n. auch in diesen Zeiten profitabel
TKO allerdings auch Top nach meiner Meinung!
[url=http://peketec.de/trading/viewtopic.php?p=1606387#1606387 schrieb:
golden_times schrieb am 23.07.2015, 06:30 Uhr[/url]"]ATY imho, MIN und RMC würde ich auch auf die WL nehmen
ATY's Mine werde ich Ende des Jahres besuchen
[url=http://peketec.de/trading/viewtopic.php?p=1606371#1606371 schrieb:
Kostolanys Erbe schrieb am 22.07.2015, 23:08 Uhr[/url]"]Welchen Kupfer-Play haltet ihr für besser?
ARG oder ATY ?
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