Iberian Minerals Corp. (TSX VENTURE:IZN) today announced financial and operating
results for the three and six month periods ended June 30, 2011, with
comparative figures for the three and six month periods ended June 30, 2010. The
unaudited condensed consolidated financial statements and related notes, and
Management Discussion and Analysis may be found on www.sedar.com. Unless stated
otherwise, all reported figures are in U.S. dollars. The Company reported net
income of $47.80 million for Q2 2011, representing $0.13 per share.
Financial Highlights:
-- In June 2011 the Company completed a CA$ 76 million equity financing
which allowed for the buy- out of Trafigura's 45.96% net-profit interest
("NPI") in Condestable (for 2011 to 2014) for $60 million. The buy-out
of the NPI was completed on June 30, 2011.
Three months ended June 30, 2011
-- Recorded net income of $47.80 million or $0.13 per registered share
which included:
-- Sales of $86.14 million and gross loss of $7.36 million;
-- A realized loss of $58.50 million on commodity hedges (included in
sales) which caused the gross loss;
-- An unrealized non-cash gain of $65.36 million on derivative
financial instruments outstanding, principally as a result of
commodity hedging positions in copper and zinc that were delivered
into during the period and were thus retired.
-- Cash flow provided by operations before working capital items was $20.10
million.
Six months ended June 30, 2011
-- Recorded net income of $77.96 million or $0.21 per registered share
which included:
-- Sales of $123.37 million and gross loss of $29.93 million;
-- A realized loss of $118.60 million on commodity hedges (included in
sales) which caused the gross loss;
-- An unrealized non-cash gain of $128.44 million on derivative
financial instruments outstanding, principally as a result of
commodity hedging positions in copper and zinc that were delivered
into during the period and were thus retired.
-- Cash flow provided by operations before working capital items was $20.80
million.
Operational Highlights - CMC:
Three months ended June 30, 2011
-- Condestable Mine processed copper ore above budgeted rates. The average
copper ore grade was 1.11% in 2011 versus 1.18% in 2010.
-- CMC processed 593,290 tonnes of ore in 2011 versus 550,708 tonnes of ore
in 2010 (increase of 8%).
-- Copper concentrate production in 2011 was 24,491 DMT versus 23,014 DMT
in 2010 (increase of 6%).
-- Contained copper production in 2011 was 5,931 FMT versus 5,829 FMT
tonnes in the prior year (increase of 2%).
-- The Cash Operating Cost in 2011 was $1.08 per payable pound of copper
versus prior year of $1.02. For the current year this is below the 2011
guidance of $1.15 per payable pound of copper.
Six months ended June 30, 2011
-- Condestable Mine processed copper ore above budgeted rates. The average
copper ore grade was 1.11% in 2011 versus 1.14% in 2010.
-- CMC processed 1,172,028 tonnes of ore in 2011 versus 1,102,391 tonnes of
ore in 2010 (increase of 6%).
-- Copper concentrate production in 2011 was 47,878 DMT versus 44,296 DMT
in 2010 (increase of 8%).
-- Contained copper production in 2011 was 11,699 FMT versus 11,164 FMT
tonnes in the prior year (increase of 5%).
-- The Cash Operating Cost in 2011 was $1.09 per payable pound of copper
versus prior year of $1.04. For the current year this is below the 2011
guidance of $1.15 per payable pound of copper.
Other
-- In May 2011 CMC completed an amendment to its senior debt facility and
increased the principal to $60 million and extended the term by six
months (to September 2013).
-- Major project works were completed in Q2 2011, two months ahead of
schedule, on the previously announced 10% processing plant expansion.
The processing plant reached 6,600 tpd of ore processed in June 2011.
Operational Highlights - MATSA:
Three months ended June 30, 2011
-- MATSA processed 466,444 tonnes of ores in 2011 versus 381,795 tonnes of
ores in 2010 (increase of 22%).
-- Produced 28,300 DMT of copper concentrate (2010 - 20,659 DMT), 15,236
DMT of zinc concentrate (2010 - 9,718 DMT) and 5,970 DMT of lead
concentrate (2010 - nil). Contained metal production was 6,216 FMT of
copper (2010 - 4,465 tonnes), 7,307 FMT of zinc (2010 - 4,633 tonnes),
1,064 FMT of lead (2010 - nil) and 213,806 ounces of silver (2010 -
196,944 ounces).
-- The Cash Operating Cost was $1.73 per payable pound of copper (2010 -
$2.38 per payable pound of copper). For the current year this is below
the 2011 guidance of $1.75 per payable pound of copper.
Six months ended June 30, 2011
-- MATSA processed 980,527 tonnes of ores in 2011 versus 739,357 tonnes of
ores in 2010 (increase of 33%).
-- Produced 55,708 DMT of copper concentrate (2010 - 40,062 DMT), 32,602
DMT of zinc concentrate (2010 - 15,677 DMT) and 16,245 DMT of lead
concentrate (2010 - nil). Contained metal production was 12,357 FMT of
copper (2010 - 9,631 tonnes), 15,774 FMT of zinc (2010 - 7,566 tonnes),
2,998 FMT of lead (2010 - nil) and 486,068 ounces of silver (2010 -
334,510 ounces).
-- The Cash Operating Cost was $1.73 per payable pound of copper (2010 -
$2.30 per payable pound of copper). For the current year this is below
the 2011 guidance of $1.75 per payable pound of copper.
Other
-- In May 2011 MATSA was awarded the exploration concessions by the local
authorities for the Sotiel property. The Sotiel mine, which forms part
of the concessions, was a past producing mine and is located
approximately 30 km from the Aguas Tenidas operation.
Outlook:
Operations
The Company maintains previously issued production guidance for 2011.
-- At Condestable, with the 10% processing plant expansion substantially
completed, it is expected that produced metal will be as follows: 23,900
FMT copper, 15,500 Foz gold and 289,300 Foz silver. The Cash Operating
Cost per pound of payable copper produced is expected to be $1.15.
-- The production guidance for Aguas Tenidas remains as follows: 25,000 FMT
copper, 33,900 FMT zinc, 3,700 FMT lead and 730,000 Foz silver. The Cash
Operating Cost per pound of payable copper produced is expected to be
$1.75.
-- The labour contract negotiations on-going at MATSA remain un-resolved.
The most recent contract expired on December 31, 2010. The Company
remains hopeful that a new collective labour agreement will be reached.
However, any negative developments in this regard, including the
possibility of a work stoppage, may negatively impact on expected
production from Aguas Tenidas in 2011.
Development
The Company continues activities relating to the study of a possible
rehabilitation and re-start of the Sotiel Mine together with a related expansion
study for the operations at Aguas Tenidas. A budget for this work program of
approximately $20 million was approved by the Board of Directors in June 2011
and is expected to be spent over the remainder of 2011 and early 2012. It is
expected that having completed a substantial portion of the evaluation in the
coming months the Company could make a construction decision by the end of 2011.
Summarized Financial Results
The following table presents a summarized Statement of Operations for the three
and six months ended June 30, 2011 with comparatives for the three and six
months ended June 30, 2010.
Six months ended June
Three months ended June 30, 30,
----------------------------------------------------------------------------
(thousands of U.S. Dollars) 2011 2010 2011 2010
----------------------------------------------------------------------------
$ $ $ $
Sales 86,142 51,695 123,372 107,494
Costs and expenses of
mining operations 93,504 76,960 153,305 151,608
----------------------------------------------------------------------------
Gross loss (7,362) (25,265) (29,933) (44,114)
Expenses
Administrative
expenses and other 1,625 980 3,071 2,215
Foreign exchange
(gain) loss 22 6,441 3,163 (6,216)
Contingent
consideration fair
value - (9,442) - (4,209)
Unrealized gain on
derivative
instruments (65,362) (131,114) (128,440) (118,955)
----------------------------------------------------------------------------
Total expenses (other
income) (63,715) (133,135) (122,206) (127,165)
Operating income 56,353 107,870 92,273 83,051
Net finance costs 2,042 (3,610) 8,273 (1,112)
----------------------------------------------------------------------------
Income before
taxation 54,311 111,480 84,000 84,163
Current income tax
expense 238 1,256 1,081 2,678
Future income tax
expense 6,277 23,878 4,961 32,908
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Net income 47,796 86,346 77,958 48,577
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Basic earnings per
share ($) 0.13 0.26 0.21 0.14
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----------------------------------------------------------------------------
Diluted earnings per
share ($) 0.12 0.21 0.20 0.12
----------------------------------------------------------------------------
----------------------------------------------------------------------------
Key operating statistics
CMC:
----------------------------------------------------------------------------
Three months Six months
Periods ended June
30, Unit 2011 2010 2011 2010
----------------------------------------------------------------------------
Ore mined t 591,530 552,706 1,179,485 1,104,033
Ore processed t 593,290 550,708 1,172,028 1,102,391
Copper ore grade % 1.11 1.18 1.11 1.14
Concentrate grade % 24 25 24 25
Copper recovery rate % 90 90 90 89
Copper concentrate DMT 24,491 23,014 47,878 44,296
Copper contained in
concentrate FMT 5,931 5,829 11,699 11,164
Gold contained in
concentrate oz 3,626 4,020 7,031 7,279
Silver contained in
concentrate oz 83,424 65,662 161,264 131,708
Payable copper
contained in
concentrate FMT 5,658 5,571 11,164 10,668
Payable gold
contained in
concentrate oz 3,283 3,318 6,366 6,269
Payable silver
contained in
concentrate oz 74,706 63,821 144,412 122,966
----------------------------------------------------------------------------
Cash Operating Cost
per lb of payable
copper USD $ 1.08 $ 1.02 $ 1.09 $ 1.04
----------------------------------------------------------------------------
MATSA:
----------------------------------------------------------------------------
Three months Six months
Periods ended June 30, Unit 2011 2010 2011 2010
----------------------------------------------------------------------------
Copper ore
Ore mined t 316,274 293,732 620,961 578,944
Ore processed t 287,355 276,580 593,103 558,266
Copper ore grade % 2.23 1.79 2.21 1.84
Concentrate grade % 22 21 22 22
Copper recovery rate % 85 82 86 84
Copper concentrate DMT 24,854 18,322 50,609 37,725
Copper contained in
concentrate FMT 5,439 3,949 11,231 8,487
Silver contained in
concentrate oz 76,500 58,337 155,200 122,808
Payable copper contained
in concentrate FMT 5,191 3,766 10,725 8,110
Payable silver contained
in concentrate oz 52,505 40,664 106,416 86,420
Polymetallic ore
Ore mined t 200,377 114,392 414,557 176,051
Ore processed t 179,089 105,215 387,424 181,091
Zinc ore grade % 5.86 7.02 5.91 6.68
Zinc concentrate grade % 48 48 48 48
Zinc recovery rate % 70 60 69 62
Copper ore grade % 1.09 1.38 1.05 1.30
Copper concentrate grade % 23 22 22 22
Copper recovery rate % 40 41 28 41
Lead ore grade % 1.73 - 1.79 -
Lead concentrate grade % 18 - 19 -
Lead recovery rate % 34 - 43 -
Zinc concentrate DMT 15,236 9,718 32,602 15,677
Copper concentrate DMT 3,446 2,337 5,099 2,337
Copper/lead concentrate DMT - - - 6,071
Lead concentrate DMT 5,970 - 16,245 -
Zinc contained in
concentrate FMT 7,307 4,633 15,774 7,566
Copper contained in
concentrate FMT 777 516 1,126 1,144
Lead contained in
concentrate FMT 1,064 - 2,998 -
Silver contained in
concentrate oz 137,306 138,607 330,868 211,702
Payable zinc contained in
concentrate FMT 6,088 3,856 13,163 6,312
Payable coppper contained
in concentrate FMT 743 502 1,075 1,070
Payable lead contained in
concentrate FMT 884 - 2,510 -
Payable silver contained
in concentrate oz 80,707 71,088 205,362 125,999
----------------------------------------------------------------------------
Cash Operating Cost per
lb of payable copper USD 1.73 2.38 1.73 2.30
----------------------------------------------------------------------------
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.
Note 1 - The Cash Operating Cost per pound of payable copper is a non-IFRS
performance measure. It includes cash operating costs, including treatment and
refining charges ("TC/RC"), freight and distribution costs, and is net of
by-product metal credits (zinc, gold and silver). The Cash Operating Cost per
pound of payable copper indicator is consistent with the widely accepted
industry standard established by Brook Hunt and is also known as the C1 cash
cost.
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.
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