TORONTO, Aug. 6 /PRNewswire-FirstCall/ -
Overview (all in U.S. dollars):
- Molybdenum production rose by 9.8% to 6.7 million pounds in the
second quarter of 2009 from 6.1 million pounds in the first quarter.
- Weighted-average cash costs in the second quarter were reduced by
12.1% to $5.21 per pound produced from $5.93 per pound in the first
quarter.
- 2009 guidance remains unchanged for molybdenum production and sales
at 22 to 26 million pounds and for cash costs at $5.75 to $7.00 per
pound.
- Total cash, cash equivalents and short-term investments at June 30,
2009 were $262 million, compared with $260.6 million on March 31,
2009. Total debt was reduced to $15.6 million on June 30, 2009 from
$16.9 million on March 31, 2009.
- Average realized price on molybdenum and upgraded product sales
declined to $9.41 per pound in the second quarter from $10.14 per
pound in the first quarter, although due to recent developments in
the molybdenum market, the Company expects its average realized price
to be higher in the second half of 2009.
- Income from mining and processing operations rose to $15.3 million in
the second quarter from $12 million in the first quarter. However,
due primarily to a foreign exchange loss, the Company recorded a net
loss in the second quarter of $0.4 million or $0.00 per basic and
diluted common share, compared with net income of $11.2 million or
$0.09 per basic and diluted share in the first quarter of 2009.
- The Board of Directors has approved the resumption of the Endako mill
expansion project. As a result, the Company's estimate of 2009 total
capital expenditures has been revised upward to $80 million from
previous guidance of $60 million.
