As previously announced, production during the first quarter of 2013 at Mineral Park was impacted by additional maintenance downtime taken to: re-install the recently repaired natural gas turbine (which, since its reinstallation, has been exceeding expectations), and to reconfigure the SAG mills and pebble handling system. Additionally, as planned, the Company mined through harder sections of the mineral deposit while completing the dewatering of the Ithaca pit. Completion of these tasks has permitted mining in the Ithaca pit to resume in the second quarter of 2013. Now that is has been dewatered, ore from the Ithaca pit, which has higher copper grades than the other areas being mined, has provided, and is expected to continue to provide, additional blending options for the various ore types at the mine.
Outlook for 2013
With the recent increases in throughput rates and mining flexibility, the Company expects second quarter 2013 production to improve over the first quarter. Mineral Park is on track to produce between 93.0 million to 102.0 million pounds of copper equivalent(i) production in 2013, which includes 41.5 million to 46.5 million pounds of copper (38.5 million to 42.5 million pounds copper in concentrates and 3.0 to 4.0 million pounds of copper cathode copper), 11.0 to 12.0 million pounds of molybdenum and 0.6 million ounces of silver.
Adoption of Advance Notice Policy
The Company also announces the approval and adoption by its Board of Directors (the "Board") of an advance notice policy (the "Policy"). The purpose of the Policy is to provide shareholders, directors and management of the Company with a clear framework for nominating directors of the Company and to ensure all shareholders have the time and information to consider the directors being nominated. The Policy fixes a deadline by which director nominations must be submitted to the Company prior to any annual or special meeting of shareholders and sets forth the information that must be included in the notice to the Company for the notice to be in proper written form in order for any director nominee to be eligible for election at any annual or special meeting of shareholders.
It is the position of the Board that the Policy is in the best interests of the Company, its shareholders and other stakeholders. The Policy will be subject to an annual review by the Board, which shall revise the Policy if required to reflect changes by securities regulatory authorities or stock exchanges, and to address changes in industry standards from time to time as determined by the Board.
The Company is committed to: (i) facilitating an orderly and efficient process for holding annual general meetings and, when the need arises, special meetings of its shareholders; (ii) ensuring that all shareholders receive adequate advance notice of the director nominations and sufficient information regarding all director nominees; and (iii) allowing shareholders to register an informed vote for directors of the Company after having been afforded reasonable time for appropriate deliberation.
The Policy, among other things, includes a provision that requires advance notice to the Company in certain circumstances where nominations of persons for election to the Board of Directors are made by shareholders of the Company. The Policy fixes a deadline by which director nominations must be submitted to the Company prior to any annual or special meeting of shareholders and sets forth the information that must be included in the notice to the Company.
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