Sales and earnings in 2012 were principally affected by lower PGM prices and higher costs. Average prices realized for mined ounces of palladium were $641 in 2012, compared to $739 in 2011, and for platinum were $1,551 in 2012 compared to $1,705 in 2011. Of the $800.2 million of revenues recorded in 2012, $455.4 million was attributable to sales from mine production and $344.8 million was generated by the Company's recycling activities. Comparable revenues for 2011 of $906.0 million included $528.0 million from mine production, $376.8 million from recycling, and $1.1 million from the resale of purchased metal.
Total cash costs per ounce of palladium and platinum produced (total cash cost is a non-GAAP measure of extraction efficiency described in more detail below) averaged $484 per ounce in 2012, which was better than the Company's guidance of $500 per ounce for the year, due primarily to higher-than-planned ounces produced in 2012. The 2012 total cash cost per ounce was approximately 15% higher than the $420 per ounce experienced in 2011. These higher costs were essentially in line with the 2012 mining plan and included the anticipated effect of increasing infrastructure and miner travel times as distances from mine access increase ("receding face"), contractual wage increases, an aggressive new-miner training program (both to support current production levels and to prepare for the Company's three Montana-based PGM growth initiatives), and some catch-up spending (in terms of infrastructure/administrative support) following the sharp cutbacks in 2009 and 2010.
Total revenues for the fourth quarter of 2012 were $203.4 million, down from $259.7 million in the 2011 fourth quarter. Average prices realized in the fourth quarter of 2012 for mined ounces of palladium were $647, compared to $644 in 2011 and for platinum were $1,594 in the fourth quarter of 2012 compared to $1,518 in 2011. For the 2012 fourth quarter, consolidated net income attributable to common stockholders was $16.9 million, or $0.13 per diluted share. Net income attributable to common stockholders reported for the fourth quarter of 2011 was $24.7 million, or $0.21 per diluted share on revenues of $259.7 million. The fourth quarter 2012 results reflect lower PGM sales volumes and higher consolidated total cash costs than in last year's fourth quarter and include a $2.2 million foreign currency transaction gain and exploration expenses of $1.2 million.
The Company's recycling business earned $10.5 million in 2012, down from $18.8 million in 2011. The Company's total volume of recycling material processed was 445,200 combined ounces of palladium, platinum and rhodium compared with 486,700 combined ounces in 2011. Fourth quarter 2012 recycling earnings were $2.5 million, down from $8.1 million in the fourth quarter of 2011 on lower sales volumes and lower realized prices during 2012.
Commenting on the Company's 2012 annual results, Frank McAllister, the Company's Chairman and Chief Executive Officer, observed, "The Company's mining and processing operations performed exceptionally well during the year. Combined safety performance in 2012 at our two Montana mines was the best in the Company's history. Production has been steady and better than planned. While palladium and platinum prices on average were substantially lower in 2012 than in the prior year, resulting in lower earnings, PGM market fundamentals currently are robust, particularly with respect to palladium.
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