Alexco Resources Reports Q1 2012 Earnings

- May 7th, 2012

Alexco Resources (TSXV:AXR) also provided an update of it’s Bellkeno mine with a contained metal production of more than 1.5 million pounds of zinc.

Alexco Resources Corp (TSXV:AXR) announced its Q1 2012 earnings which included a net income of $1.3 million. Alexco also provided an update of it’s Bellkeno mine with a contained metal production of more than 1.5 million pounds of zinc.

As quoted in the press release, first quarter highlights included:

  • Pre-tax income of $3.0 million and net income of $1.3 million ($0.02 basic and diluted earnings per share) for the three months ended March 31, 2012 on combined mining and environmental services revenue of $24.7 million
  • Bellekeno mine revenue of $23.2 million and gross profit of $7.2 million, on sales of 5,000 tonnes of lead-silver and zinc concentrate
  • Production of 581,808 ounces silver, over 4.9 million pounds lead and more than 1.5 million pounds zinc
  • Realized metal prices during the quarter averaged US$32.81 per ounce silver, US$0.95 per pound lead and US$0.92 per pound zinc
  • Cash costs of production1 over the quarter of $11.01 per ounce of payable silver produced, net of by-product credits
  • Cash flows from operating activities for the quarter of $7.2 million

Clynt Nauman, President and CEO of Alexco, stated:

We are pleased with our production performance during the first quarter, with results reinforcing our guidance for estimated production in 2012 of 2.2 million to 2.5 million ounces of silver, approximately 19 million pounds of lead and more than 7.5 million pounds of zinc. Operationally, our silver production increased 30%, our lead production grew by 37% and our zinc production increased 36% in the first quarter compared to the same period a year ago, while the mining rate climbed 30% and the milling rate increased 18% when comparing the two quarters. However, the quarter-on-quarter financial comparison was impacted by the significantly lower metals prices in the first quarter of this year compared to last year’s first quarter.

To view the full press release, click here.  

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