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TORONTO, ONTARIO -- (Marketwire) -- 03/20/13 -- Aura Minerals Inc. ("Aura Minerals" or the "Company") (TSX: ORA) announces financial and operating results for the fourth quarter and full year of 2012.
This release does not constitute management's discussion and analysis ("MD&A") as contemplated by applicable securities laws and should be read in conjunction with the MD&A and the Company's audited consolidated financial statements for the year ended December 31, 2012, which are available on SEDAR at www.sedar.com and on the Company's website.
Summarized Results:
-- Operating cash flow(1) of $12.1 million for the fourth quarter of 2012 and $18.6 million for the year ended December 31, 2012 compared to $15.0 million for the fourth quarter of 2011 and $49.5 million for the year ended December 31, 2011;-- Net sales revenue in the fourth quarter of 2012 was consistent with the fourth quarter of 2011 while revenue for the year ended December 31, 2012 increased 7% over the prior year. The average realized prices per oz for the quarters ended December 31, 2012 and 2011 were $1,725 and $1,669 per oz, respectively, which closely compare to the average market prices (London PM Fix);-- Shipments of copper concentrate for the quarters ended December 31, 2012 and 2011 totaled 4,110 dry metric tonnes ("DMT") and 4,711 DMT, respectively. For the years ended December 31, 2012 and 2011, shipments of copper concentrate were 20,321 DMT and 13,455 DMT, respectively;-- Gold oz production in the fourth quarter of 2012 was 15% higher compared to the fourth quarter of 2011. For the year ended December 31, 2012 gold oz production was 8% higher than the prior year;-- Copper production at Aranzazu for the fourth quarter of 2012 and 2011 was 2,223,100 pounds and 2,856,500 pounds, respectively, a decrease of 22%. On-site average cash cost per pound of payable copper produced, net of gold and silver credits was $5.42 for the fourth quarter of 2012 compared to $2.32 for the fourth quarter of 2011. Copper production at Aranzazu for the years ended December 31, 2012 and 2011 was 10,980,100 and 7,695,300, respectively, an increase of 43%. On-site average cash cost(1) per pound of payable copper produced, net of gold and silver credits was $3.63 for the full year of 2012 compared to $2.82 for the full year of 2011;-- Gross margin of $(2.6) million and $(16.9) for the fourth quarter and full year 2012, respectively, compared to a gross margin of $3.7 million and $24.2 million for the fourth quarter and full year 2011, respectively;-- Loss of $9.7 million or $0.04 per share for the fourth quarter of 2012 compared to a loss of $10.1 million or $0.04 per share for the fourth quarter of 2011. Loss for 2012 of $56.8 million or $0.25 per share compared to a loss of $41.8 million or $0.19 per share for 2011;-- For the year ended December 31, 2012, amended the revolving credit facility, extending the maturity to June 30, 2014 and increasing the credit available to $45 million;-- Completed the Preliminary Economic Assessment for the Aranzazu expansion project. Subsequent to year end, in February 2013, a partial roasting facility package has been selected and awarded, with an expected delivery time of 46 weeks;-- Completed the definitive Feasibility Study for the Serrote Project;-- The Company optimized the Sao Francisco mine plan in order to maximize the remaining cash flows. It is anticipated that, with current information available, mining activity at Sao Francisco will cease in late 2013 and final processing of the heap treatment will continue during 2014 until closure date. Sao Vicente's mining activity will cease in mid-2013 and final processing of the heap treatment will continue until closure in 2014. The Company has been investigating multiple options to maximize the value of the assets of these mines; and-- Subsequent to year end, received R$20 million (approximately US$10 million) in preliminary bridge financing for Serrote development.(1) Please see cautionary note at the end of this press release.
