Orbite Aluminae Announces Second Quarter 2013 Results

Rare Earth Investing

Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) filed its unaudited financial and operating results for the quarter ended June 30, 2013, reporting a net loss of $3.4 million ($0.02 per share) for the second quarter of 2013 compared to $6.1 million ($0.03 per share) for the second quarter of 2012.

As quoted in the press release:

Second Quarter Highlights:
Mr. Glenn R. Kelly joined Orbite as its Executive Vice President and Chief Operating Officer
Mr. Denis Arguin joined as VP operations
Appointments of Mr. Peter Crossgrove, Mr. Pascal Decary and Mr. Claude Lamoureux to the Board of Directors and the resignations of Mr. Toby Gilsig, Mr. Charles Chevrette and Mr. Michael Hanley
Provided updated capital cost estimates for completing the HPA plant to a capacity of 3 tonnes per day
Concluded an agreement resolving the billing dispute with its principal suppliers
Concluded a binding offtake agreement with Glencore International AG for the purchase of 100% of the smelter-grade alumina from the Corporation’s proposed SGA plant
Initiated the implementation of measures with the objective of reducing its operating capital requirements including abolishment of 2 positions at management level
Cash and Short-Term Investments of $8.8 million
Other Current Assets of $5.2 million
Non-current Investment tax credits receivable of $24.7 million
Property, Plant and Equipment of $61.3 million
Accounts Payable and Accrued Liabilities of $5.4 million
Comprehensive loss of $3.4 million or $0.02 per share
Cash flows used in operating activities of $4.8 million
Cash flows used for investing activities of $6.7 million

Orbite Aluminae President and CEO Richard Boudreault said:

We instituted important changes since the beginning of the second quarter and initiated a cost reduction program adapted to our short term priority which is to complete the high-purity alumina plant within the new timetable which remains subject to securing sufficient funding.

Click here to read the Orbite Aluminae Inc. (TSX:ORT,OTCQX:EORBF) press release

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