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North American Tungsten Corporation Ltd. (TSXV:NTC) reported a net loss of $4.0 million or $0.02 per share for its first quarter ending December 31, 2012 compared to net earnings of $6.6 million or $0.03 per share for the first quarter end of fiscal 2012. A record production of 80,693 mtus at the CanTung Mine since restart of operations in 2010 was also reported.
As quoted in the press release:
This significant price drop, most of which occurred in the last calendar quarter of 2012 with major impact in Q1 2013, was driven by worldwide economic uncertainty and a reduction in overall demand.
In addition there was a delay in the renewal of a Supply Agreement with one of our major customers. This is now complete and deliveries re-started as of January 1, 2013. During Q1 2013 the Company also successfully negotiated an additional Supply Agreement with a major North American customer.
North American Tungsten CEO Stephen Leahy said:
The increase in both throughput and mill recovery at CanTung were contributing factors in weathering the recent APT pricing downturn. The APT market prices have risen steadily since the beginning of January and are now in the USD$345 to USD$355 range per mtu which is a very good sign for producing companies such as ourselves.
Click here to read the North American Tungsten (TSXV:NTC) press release
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