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UMZ Mine, Bolivia
Through its wholly-owned subsidiary, Empresa Minera Paititi S.A. ("EMIPA"), the Company owns and operates the UMZ Mine in southeastern Bolivia. The following table includes operating and financial performance data for the UMZ Mine for the periods set out below. The UMZ Mine was not in commercial production during the first quarter of fiscal 2012, accordingly, this comparative information has not been provided.
---------------------------------------------------------------------------- Q4 2012 Q1 2013 2012----------------------------------------------------------------------------Operating Performance (1)Ore mined (tonnes) 336,772 483,042 1,178,809Ore milled (tonnes) 191,725 201,312 594,054Gold Grade (g/t) 1.55 1.18 1.75 Recovery (%) 49.2 49.8 39.1 Production (oz) 4,691 3,810 13,065 Sales (oz) 5,147 4,276 12,215Copper Grade (%) 1.65 1.45 1.76 Recovery (%) 46.7 47.8 49.4 Production ('000 lbs) 3,259 3,037 11,415 Sales ('000 lbs) 4,018 3,262 10,779Silver Grade (g/t) 75.23 52.0 81.17 Recovery (%) 54.4 56.6 38.6 Production (oz) 252,364 190,575 599,167 Sales (oz) 260,054 211,237 563,611----------------------------------------------------------------------------Total cash costs (co-product) ($/lb) copper (2) $ 1.92 $ 2.03 $ 2.39Total cash costs (co-product) ($/oz) gold (2) $ 969 $ 1,039 $ 1,143Total cash costs (co-product) ($/oz) silver (2) $ 18.69 $ 20.00 $ 22.00----------------------------------------------------------------------------Financial PerformanceRevenue $ 24,889 $ 16,750 $ 58,678Mining costs $ 11,581 $ 8,892 $ 35,959Depreciation and amortization (3) $ (13) $ 1,536 $ 3,263Income (loss) before tax $ 12,116 $ 6,063 $ 17,060Capital expenditures $ 1,164 $ 1,382 $ 1,969----------------------------------------------------------------------------(1) The UMZ Mine commenced commercial production on January 1, 2012. Information relating to production for fiscal 2012 includes production from the UMZ Mine during the start-up and commissioning period in the first quarter of fiscal 2012. Sales for the first quarter of fiscal 2012 from the UMZ Mine were credited against capitalized commissioning costs and sales from January 1, 2012 onwards were recorded as revenue.(2) Total cash costs (co-product) per pound of copper and per ounce of gold and silver are non-IFRS performance measures with no standard definition under IFRS. For further information and a detailed reconciliation, please see the "Other Information - Non-IFRS Measures" section of the Q1 2013 MD&A.(3) Depreciation and amortization costs for the fourth quarter of fiscal 2012 include a reduction of $2,234 as a result of higher depreciation and amortization expenses recorded in prior quarters.
