ENP Newswire -
Release date- 12022014 -
They continue to be supported by the stability of the Supply and Processing Agreement1. The operating results were also notable. Management not only maintained production while it introduced new zinc concentrate feed into the production process, but it met the annual target.
Fourth Quarter and 2013 Annual Highlights:
Earnings before income taxes were
Zinc premiums were
Zinc metal production was 67,212 tonnes (Q4 2012 - 74,748 tonnes). Zinc metal production for the year was on target at 265,242 tonnes (2012 - 263,697 tonnes).
Zinc metal sales were 65,248 tonnes (Q4 2012 - 67,511 tonnes). Zinc metal sales for the year were 2% higher than target at 269,807 tonnes (2012 - 260,401 tonnes).
The Fund issued monthly cash distributions of
In preparation for the expiry of the initial term of the Supply and Processing Agreement in 2017, the Manager continues to position the business for the future.
This project is on schedule for completion in the second quarter of 2014, and the investment has been revised downwards to
The Processing Facility treated a more varied feed quality mix. In 2013, 70% of the concentrate consumed was from domestic mines compared to 88% in 2012.
The Fund remains committed to reduce debt. In 2013,the debt was reduced by 46% to
The Fund's cash as at
Conference Call and Webcast:
Dial in number: 416-340-8530
Toll-free North American number: 1-800-766-6630
In addition, you can listen to the teleconference and view the slide presentation from the Conference Call section of our website: http://www.norandaincomefund.com/investor/conference.html or click on this link: http://www.gowebcasting.com/5207
Recording of the Conference Call:
Dial in number: 905-694-9451 or
Toll-free North American number: 1-800-408-3053.
The pass code is 5280 660# and you will be prompted for your name and company.
The recording will be available until midnight on
The Board continues to work on the long-term strategy for the Fund.
At the operating level, the Processing Facility successfully treated a wider variety of feeds with a higher level of impurities.
Domestic mines provided 70% of the zinc concentrate (2012 - 88%).
The silica removal project is on schedule for completion in the second quarter of 2014, and the budget has been revised downwards to
The Manager continues to look for opportunities to increase the flexibility of the Processing Facility so that it can efficiently treat a wider variety of zinc concentrate.
2013 Capital Spending
Capital spending was
Financial and Operating Highlights (Fourth quarter 2013 compared to the fourth quarter 2012)
The Fund reported earnings before income taxes of
Cash provided from operating activities, before net changes in non-cash working capital items in the fourth quarter of 2013, was
Financial and Operating Highlights (2013 compared to 2012)
Earnings before income taxes in 2013 were
Cash provided by operating activities in 2013, before net changes in non-cash working capital items, was
As previously announced,
A full version of the annual 2013 MD&A and the audited Consolidated Financial Statements will be posted on www.sedar.com and on the Fund's website at http://www.norandaincomefund.com/investor/financials.html later today,
This press release contains forward-looking information and statements within the meaning of applicable securities laws, including statements on the completions of and budgets for the liner replacement project in the cell house and the silica removal project. Forward-looking information involves known and unknown risks, uncertainties and other factors, which may cause actual events, results or performance to be materially different from any future events, results or performance expressed or implied by the forward- looking information, and as a result, the Fund cannot guarantee that any forward-looking statements or information will materialize.
Such risks and uncertainties include, but are not limited to, the effect of general business and economic conditions, the Fund's ability to operate at normal production levels, the Fund's capital expenditure requirements and other general risks and uncertainties set out in the Fund's continuous disclosure documents on available on SEDAR at www.sedar.com.
Forward-looking information contained in this press release is based on, among other things, management's current estimates, expectations, assumptions, plans and intentions, which management believes are reasonable as of the current date, and which are subject to a number of risks and uncertainties. Except as required by law, the Fund does not undertake to update these forward-looking statements or information, whether written or oral, that may be made from time to time by the Fund or on the Fund's behalf.
Except where otherwise indicated, all amounts in this press release are expressed in Canadian dollars.
Further information about the
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