ENP Newswire -
Release date- 01082014 -
Unless otherwise noted, with the exception of earnings per share and realized price and cost per pound figures, all financial results are in millions of US dollars.
Second quarter 2014 highlights
Produced 47.4 million pounds of copper in the quarter
Sold 51.5 million pounds of copper, a 51% increase over Q1 2014
Achieved C1 cash costs of
Working capital approaching
Announced successful drilling results from Bisha regional exploration
Paid peer leading annualized dividend of
'As expected, Bisha accelerated both production and sales of copper concentrate during Q2 2014 with 87.1 million pounds of production year-to-date, including a record monthly production in
During Q2 2014, 697,000 tonnes of ore was mined, of which 531,000 tonnes was supergene ore and the remaining oxide, pyrite sand and primary ores which were stockpiled for later processing. The oxide and pyrite sand stockpiles are estimated to contain over 80,000 ounces of gold. Mobile equipment maintenance issues coupled with some in- pit dewatering activities had an adverse impact on waste mining with 2,719,000 tonnes mined in the quarter. However the lower than expected stripping during Q2 2014 is not expected to impact achieving copper production guidance in 2014.
Copper grades continued to exceed expectations at 6.6% in the quarter due to a combination of positive metal reconciliation and a variance to the original mine plan. As previously disclosed, the copper concentrator was designed for an average 4.5% copper feed. Accordingly, mill feeds in 2014 have been purposely reduced in order to match the 13.2 tonnes of copper produced per operating hour to avoid excessive copper losses to the tails management facility.
We expect grades to decrease during the second half of 2014, approaching the original design of the flotation circuit by year-end. With lower copper feed grades, we can increase mill feed and maintain or potentially increase recoveries during the second half of 2014. We expect our C1 cash costs to increase during the second half of 2014 due to anticipated lower precious metals by-product credits and increased volumes of ore mined and milled.
Copper concentrate grades of 27% are lower than the planned 30% as the plant is carefully managed to ensure we meet the specifications of our contractual commitments with our various counterparties. Bisha will work to increase concentrate grades as much as possible in the second half to minimize shipping and smelting charges.
Forward Looking Statements
This above contains forward-looking statements within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities legislation concerning anticipated developments in the Company's continuing and future operations in
Forward-looking statements include, but are not limited to, statements concerning or the assumptions related to estimates of capital and operating costs, the timing, nature and extent of future copper and gold production, expanding exploration licenses, the estimation of mineral reserves and resources, methodologies and models used to prepare resource and reserve estimates, the realization of mineral reserve estimates, the conversion of mineral properties to reserves and resources, the potential to expand resources, reserves and mine life, future exploration budgets, plans, targets and work programs, capital expenditures and objectives, anticipated timing of grant of permits, mining and development plans and activities, construction and production targets and timetables, grades, processing rates, life of mine, net cash flows, metal prices, exchange rates, reclamation costs, results of drill programs, dividend plans and policy, litigation matters, integration or expansion of operations, requirements for additional capital, government regulation of mining operations, environmental risks, political risks and uncertainties, unanticipated reclamation expenses, and other events or conditions that may occur in the future.
Forward-looking statements are frequently, but not always, identified by words such as 'expects,' 'anticipates,' 'believes,' 'intends,' 'estimates,' 'potential,' 'possible,' 'budget' and similar expressions, or statements that events, conditions or results 'will,' 'may,' 'could' or 'should' occur or be achieved.
Information concerning the interpretation of drill results and mineral resource and reserve estimates also may be deemed to be forward-looking statements, as such information constitutes a prediction of what mineralization might be found to be present if and when a project is actually developed, and in the case of mineral reserves, such statements reflect the conclusion based on certain assumptions that the mineral deposit can be economically exploited.
Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of the Company or other future events or conditions may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors.
Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. The Company's forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made and the Company assumes no obligation to update such forward-looking statements in the future, except as required by law.
There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.
Tel: 604 684 6730
Toll free: 1 866 684 6730
Most Popular Stories
- PBS Series Examines America's Demographic Shift
- Tim Cook Has Proved That Apple is His Baby
- Royals Beat A's in 12-inning Wild Card Thriller
- Why the Bond Market Isn't as Safe as You Think
- Construction Spending Down Again for August
- Lexus Luxury Compact Sedan Wins Buyers
- Texas Sees Gains in Hispanic College Enrollment
- Americans Bet Big on Gambling Industry
- What to Look for in Mich. Jobs Market
- Obama Seeks Traction From Economic Recovery