Canada Rare Earth (TSXV:LL) has reported its financial results for the three and nine months ended December 31, 2016.
As quoted in the press release:
This release should be read with the Company’s Financial Statements and Management Discussion & Analysis (“MD&A”), available atwww.canadarareearth.com and filed on www.sedar.com. Except where otherwise noted, all currency amounts are stated in Canadian dollars.
Tracy A. Moore, President and CEO of Canada Rare Earth, commented, “The increasing emphasis we are placing on trading activities is generating positive financial results. We are very pleased to announce that Canada Rare Earth generated net income of $12,211 for the three months ended December 31, 2016, an improvement of $265,504 over the comparative period.
The positive financial results are a result of generating $107,010 of revenues through two sales transactions and one business development activity. The size of the transactions is not necessarily indicative of future transactions or of the magnitude of profitability. We are considering each of the three transactions and business development activities, two transactions completed in the prior quarter, and one additional transaction (currently in progress) to be establishing the international logistical foundation for larger and more frequent transactions.”
Peter Shearing, COO of Canada Rare Earth added, “During the December 31, 2016 quarter and in the early part of 2017 rare earth prices have stabilized and we are seeing encouraging signs of price increases. Increases in rare earth prices will affect our trading activities in a positive manner but more importantly, higher prices will have a much greater positive impact on the projected financial results for the rare earth processing facilities that we have in various states of progress. Similarly, higher rare earth prices will also improve the financial returns for the Laos refinery that was the subject of our news release dated February 22, 2017. The positive momentum is very exciting and we are expecting a very successful year ahead.”