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Katanga Mining Announces 2018 Second Quarter Financial Results
Aug. 08, 2018 10:13AM PST
Base Metals Investing The company’s copper revenue is up 39 percent from Q1.
Katanga Mining (TSX: KAT) has today (August 8) announced its 2018 second quarter financial results.
According to the release the company’s copper revenue is up 39 percent from Q1 from US$146 million to US$204 million.
According to the company, the change in revenue is due to:
- Copper revenue increased to US$204.4 million in Q2 2018 from US$146.5 million in Q1 2018. Copper revenue increased to US$350.9 million in H1 2018 from US$0.03 million in H1 2017. Cobalt revenue increased to US$141.1 million in Q2 2018 from US$nil million in Q1 2018. Cobalt revenue increased to US$141.1 million in H1 2018 from US$nil million in H1 2017. The increase in copper and cobalt revenue for both periods relates to an increase in sales of copper cathode and cobalt contained in hydroxide due to the resumption of production in December 2017 following the completion of phase 1 of the WOL project and the ongoing ramp-up of production in 2018;
- Concentrate revenue decreased to US$nil million in Q2 2018 from US$0.3 million in Q1 2018. Concentrate revenue decreased to US$nil revenue in H1 2018 from US$2.0 million in H1 2017. The decrease in concentrate revenue for both periods relates to a decrease in KITD oxide concentrate sales, driven by the utilization of concentrate in the leaching process following the completion of phase 1 of the WOL Project in December 2017 to produce copper cathode; and
- Included in sales is a net provisional pricing adjustment resulting from movements in the commodity price between the date of sale and the final pricing based on average prices for a specified period thereafter. At each reporting date, provisionally priced sales that have not been finalized retain an exposure to future changes in prices and are marked-to-market based on London Metal Exchange forward prices. These adjustments were recorded in sales in the statement of loss and within receivables on the statement of financial position.
Click here to read the full Katanga Mining (TSX:KAT) press release.
