Copper production for the quarter was 27.4 million pounds from the Chapada mine, compared with 30.3 million pounds for same quarter of 2012. Chapada copper production was lower primarily as a result of expected lower copper grade and recovery rate offset by higher throughput compared with the first quarter of 2012. Additionally, 6.3 million pounds of copper produced from Alumbrera were attributable to the Company, compared with 8.0 million pounds for the quarter ended March 31, 2012. Total copper production for the first quarter of 2013 was 33.6 million pounds, compared with 38.3 million pounds in the first quarter of 2012.
Co-product cash costs per pound of copper averaged $1.90 per pound from the Chapada mine, compared with $1.51 per pound in the same quarter of 2012. Co-product cash costs per pound of copper for the quarter including the Company's interest in the Alumbrera mine were $1.99 per pound versus $1.58 per pound for the first quarter of 2012.
Charts providing a summary of mine-by-mine operating results are presented at the end of this press release.
Chapada produced a total of 23,358 GEO contained in concentrate in the first quarter of 2013 compared with 26,367 GEO contained in concentrate in the same quarter of 2012. Chapada copper production was 27.4 million pounds in the quarter compared with production of 30.3 million pounds of copper in the first quarter of 2012.
Production for the quarter was lower than the first quarter of 2012 as a result of the anticipated lower grades and recovery rates for 2013 relative to 2012. Similar to previous years, production from Chapada is expected to be higher in the second half of 2013.
By-product cash costs for the quarter were negative $1,796 per GEO compared with negative $1,473 per GEO for the same quarter in 2012. Favourable by-product cash cost credit per GEO was mainly due to the effect of higher copper sales volume partly offset by lower copper prices in the first quarter of 2013 compared to 2012.
Co-product cash costs were $463 per GEO in the first quarter, compared to $348 per gold ounce in the same quarter of 2012. Co-product cash costs for copper were $1.90 per pound in the first quarter versus $1.51 per pound in the same quarter of 2012.
Chapada revenues for the quarter net of sales taxes and treatment and refining costs were $125.9 million (Q1 2012 - $148.4 million). Revenues included mark-to-market adjustments and provisional pricing settlements in the quarter of negative 7.4 million (Q1 2012 - positive $11.3 million).
In December 2011, the Company completed the feasibility study and basic engineering on the oxides at Suruca. The deposit will support an additional average production of 45,000-50,000 gold ounces per year to Chapada's operations over an initial five years. Production in 2014 is expected to reflect a contribution from Suruca.
Drilling continued at Corpo Sul's gold and copper deposit discovered in 2011 at the southwest end of the ore body of Chapada with mineral resources of higher average grade cores especially near the current Chapada pit. These new discoveries have led to the initiation of a pre-feasibility study, which was completed in late 2012. A feasibility study is in progress to be completed in late 2013. Chapada is expected to enhance throughput by blending the ore from the main Chapada pit with the higher grade ore from Corpo Sul and as its size and scale increases, it will be evaluated as a stand-alone ore body.
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