Iberian Minerals Reports Hedging Update at Condestable
11 2월 2011 - 11:37PM
Marketwired
Iberian Minerals Corp. (TSX VENTURE: IZN) today announced an update
to the hedging positions at Condestable Mine.
In light of the current buoyant copper pricing environment the
Board of Directors decided to set some high pricing ranges on a
reasonable level of future copper production. This action provides
a degree of revenue protection on the downside as these current
high copper market prices may not be sustainable over the long term
and also provides upside copper price participation to current high
prices, if sustained.
Condestable Mine has added the following copper hedge collars to
its overall position from February 2012 to March 2013, inclusive
(the 'Period'):
-- 75 FMT per month with floor price of $7,500/FMT ($3.40/lb) and ceiling
price of $10,450/FMT ($4.74/lb)
-- 140 FMT per month with floor price of $8,000/FMT ($3.63/lb) and ceiling
price of $10,970/FMT ($4.98/lb)
-- 285 FMT per month with floor price of $8,000/FMT ($3.63/lb) and ceiling
price of $10,950/FMT ($4.97/lb)
This new hedging represents an additional 25% of forecast
production in the Period and is in addition to previously hedged
volumes of copper production, bringing the overall hedging for the
Period to 50% of total production. The counter party to these
contracts is Condestable's senior secured lender (Societe Generale)
and is without any margin call requirements.
The hedging has been executed using a zero cost collar hedging
strategy whereby positions have been entered into to achieve a
minimum hedge price (floor) and a maximum hedge price (ceiling).
There is no cost to the Company for this collar hedging
strategy.
Corporate Development
Iberian reports that the C$ 3,609,750, 7% convertible debenture
(the "Debenture"), placed with certain insiders of Iberian in June
2010, was converted to registered shares (the "Shares") of the
Company. Iberian had a contractual option such that at any time
prior to the maturity date, if the volume weighted average price of
the Shares on the TSX Venture Exchange for any consecutive 20 day
period was equal to or greater than a 60% premium to the conversion
rate of C $0.56 per share, then the Company had the right to
accelerate the conversion of the Debentures upon delivery of
written notice to the holders. Iberian exercised this option and
issued 6,445,983 to the holders of the Debenture on February 11,
2011.
About Iberian Minerals Corp.
Iberian Minerals Corp. is a Canadian listed global base metals
company with interests in Spain and Peru. The Condestable Mine,
located in Peru approximately 90 km south of Lima operates at 2.2
million tonnes per year producing copper, and associated silver and
gold in a concentrate. The Aguas Tenidas Mine is in the Andalucia
region of Spain approximately 110 km north-west of Seville and
operates a 2.2 million tonnes per year underground mine and
concentrator that produces copper, zinc and lead concentrates that
also contain gold and silver.
FORWARD LOOKING STATEMENTS:
This news release contains certain "forward-looking statements"
and "forward-looking information" under applicable securities laws.
Except for statements of historical fact, certain information
contained herein constitutes forward-looking statements.
Forward-looking statements are frequently characterized by words
such as "plan", "expect", "project", "intend", "believe",
"anticipate", "estimate", and other similar words, or statements
that certain events or conditions "may" or "will" occur. Forward
looking information may include, but is not limited to, statements
with respect to the future financial or operating performances of
the Corporation, its subsidiaries and their respective projects,
the timing and amount of estimated future production, estimated
costs of future production, capital, operating and exploration
expenditures, the future price of copper, gold and zinc, the
estimation of mineral reserves and resources, the realization of
mineral reserve estimates, the costs and timing of future
exploration, requirements for additional capital, government
regulation of exploration, development and mining operations,
environmental risks, reclamation and rehabilitation expenses, title
disputes or claims, and limitations of insurance coverage.
Forward-looking statements are based on the opinions and estimates
of management at the date the statements are made, and are based on
a number of assumptions and subject to a variety of risks and
uncertainties and other factors that could cause actual events or
results to differ materially from those projected in the
forward-looking statements. Many of these assumptions are based on
factors and events that are not within the control of the
Corporation and there is no assurance they will prove to be
correct. Factors that could cause actual results to vary materially
from results anticipated by such forward-looking statements include
changes in market conditions and other risk factors discussed or
referred to in the section entitled "Risk Factors" in the
Corporation's annual information form dated March 29, 2010.
Although the Corporation has attempted to identify important
factors that could cause actual actions, events or results to
differ materially from those described in forward-looking
statements, there may be other factors that cause actions, events
or results not to be anticipated, estimated or intended. There can
be no assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. The
Corporation undertakes no obligation to update forward-looking
statements if circumstances or management's estimates or opinions
should change except as required by applicable securities laws. The
reader is cautioned not to place undue reliance on forward-looking
statements.
Contacts: Iberian Minerals Corp. Laura Sandilands Investor
Relations and Corporate Communications 416-815-8558
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