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Trevali Mining Corporation (TSX:TV) announced its financial results for 2014, which included a net loss of $7 million or $0.03 per share. The company noted that this is partially due to a non-recurring loss upon the disposal of a subsidiary incurred during the yea and highlighted the Santander mine’s operations income for the year, which was $12.7 ,million on concentrate sales revenue of $94.2 million.
Trevali Mining Corporation (TSX:TV) announced its financial results for 2014, which included a net loss of $7 million or $0.03 per share. The company noted that this is partially due to a non-recurring loss upon the disposal of a subsidiary incurred during the yea and highlighted the Santander mine’s operations income for the year, which was $12.7 ,million on concentrate sales revenue of $94.2 million.
2014 Annual Results Highlights:
- Annual concentrate sales revenue of $94.2 million
- EBITDA(1) of $14.2 million
- Income from Santander mine operations of $12.7 million
- Working capital position of $32.5 million
- Net loss of $7 million or ($0.03) per share (partially due to a non-re-occurring loss on disposal of a subsidiary incurred during the year)
- 2014 site cash costs(2) of US$0.37 per pound of payable Zinc Equivalent (“ZnEq”)(3) produced
- Annual production of 50.4-million payable pounds of zinc, 23.3-million payable pounds of lead and 914,600 payable ounces of silver, exceeding production guidance for the year
- Realized selling prices for zinc, lead and silver of US$0.96 per pound, US$0.95 per pound and US$18.99 per ounce respectively at International Benchmark terms under the Company’s offtake agreement with Glencore
Q4-2014 Highlights:
- Tonnes mined increased throughout the year, up 16 percent in Q4-2014 to 190,583 tonnes versus 164,911 tonnes in Q3-2014
- Tonnes milled increased 7 percent to 185,863 tonnes versus 174,075 tonnes in Q3-2014
- Mill recoveries continue to increase, materially above design at 88 percent for both zinc and lead, and 80 percent for silver respectively
- EBITDA(1) of $3.3 million
- Income from Santander mine operations of $2.0 million on concentrate sales revenues of $22.2 million
Production guidance and outlook for 2015:
Production guidance for 2015 from the Company’s Santander mine is estimated at approximately 48-50 million pounds of payable zinc (in concentrate grading approximately 50 percent zinc) at an average head grade of 4.2-4.4 percent zinc, 23-25 million pounds of payable lead (in concentrate grading approximately 55 to 57 percent lead) at an average head grade of 1.8-2.1 percent lead and 850,000-to-950,000 ounces of payable silver at an average head grade of 1.5-1.8 oz/t silver. Cash costs for 2015 are estimated at US$48 to $51 per tonne milled.
In New Brunswick, the Company has significantly advanced its Caribou Mine re-start program that remains on schedule for start-up commissioning during the second quarter of 2015.
Dr. Mark Cruise, president and CEO of Trevali Mining, commented:
With our first full commercial production year at Santander now under our belts, we have realized significant operations improvements and look forward to further advancing Trevali to benefit from forecast higher zinc prices. Despite weakened commodity prices, operational income from concentrate sales remained robust over the fourth quarter and for the year providing a solid platform for growth. The Company is now focused on bringing its Caribou Mine in New Brunswick into operation in Q2-2015 and strengthen its evolution as one of only a handful of primary zinc producers globally.
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