Tuesday, March 29, 2016

Lundin Mining Corporation - LUN.t

Lundin Mining Corporation - LUN.t is a diversified base metals mining company with operations and projects in Portugal, Sweden, Spain and the U.S.A producing copper, zinc, lead and nickel.

Lundin Mining holds a 24% equity stake in the world-class Tenke Fungurume copper/cobalt mine in the DRC.



On March 3, 2016 the company reported NEWS

Lundin Mining Corporation (TSX:LUN) (OMX:LUMI) ("Lundin Mining", "Lundin" or the "Company") is pleased to announce that it has entered into a purchase agreement with an affiliate of Freeport-McMoRan Inc. ("Freeport") to purchase an interest in Freeport's stake in the Timok project located in Serbia. The high grade copper-gold Cukaru Peki deposit is situated on one of the four mineral licenses comprising the Timok project. The project partners are currently Freeport, who is operator of the project, and an affiliate of Reservoir Minerals Inc. ("Reservoir") which holds a minority stake in the project and has certain transfer rights as a result of the proposed transaction.Total consideration of up to US$262,500,000 is payable in stages upon the achievement of key development milestones defined under the purchase agreement, as more particularly described below.
The transaction is subject to Reservoir's right of first offer ("ROFO"), as well as other customary closing conditions. Prior to entry into the purchase agreement, a ROFO notice was provided today by Freeport to Reservoir, and is open for acceptance by Reservoir for 60 days from the receipt of notice. If the ROFO is not exercised by Reservoir, the transaction is expected to close in the second quarter of 2016.
Mr. Paul Conibear, President and CEO commented, "The acquisition of an interest in the Timok project is consistent with our growth criteria that we have rigorously followed over the last few years. This high quality copper/gold project fits ideally within our overall asset base of operations in the Americas and Europe. This transaction enables the existing Freeport/Reservoir partnership to leverage our proven underground base metals development, construction and operating skill sets to advance the Timok project into operation in a timely manner. The Timok project is expected to enhance the Company's long term copper growth pipeline, while preserving our strong balance sheet. We are very pleased to be able to extend our partnership with Freeport and we intend to advance a meaningful and cooperative relationship with Reservoir to the benefit of all stakeholders including those in Serbia."
Transaction Terms
Under the purchase agreement, and subject to Reservoir's ROFO, Lundin will acquire (1) 100% of Freeport's interest in the upper zone of the Cukaru Peki deposit which is characterized by high grade massive and semi-massive sulphide mineralization (the "Upper Zone"), as well as Freeport's interest in all the mineral licenses comprising the Timok project, and (2) 28% of Freeport's interest in the lower zone of the Cukaru Peki deposit which is characterized by porphyry-style mineralization (the "Lower Zone"). Freeport will retain the remaining interest in the Lower Zone. In addition, Freeport has the option to have any new large mineral deposit containing at least four million tonnes of contained copper equivalent characterized in the same manner as the Lower Zone upon the payment to Lundin of two times drilling, study and other similar costs plus other direct costs such as land acquisition costs.
As part of the transaction, Lundin will be appointed as operator of the Timok project until the occurrence of certain events and Lundin will advance the development of both the Upper Zone and the Lower Zone in accordance with approved budgets and work programs. Lundin will have the sole right to propose budgets and work programs relating to the Upper Zone and for certain agreed Lower Zone work, and Freeport will have the sole right to propose budgets and work programs relating to the Lower Zone, subject to specified exceptions.
_______________________________










http://canadastockjournal.blogspot.com/2016/03/lundin-mining-corporation-lunt.html

Wednesday, March 23, 2016

Pan American Silver Corp. - PAA.t

Pan American Silver Corp. - PAA.t is the second largest primary silver mining company in the world, with eight operating silver mines in Peru, Mexico, Argentina and Bolivia.

The Company produced 26.1 million ounces of silver and 161,500 ounces of gold in 2015 at AISC of $14.92 Oz Ag.




On May 11, 2016 the company released numbers

"Pan American Silver Corp. (NASDAQ: PAAS; TSX: PAA) ("Pan American", or the "Company") today reported unaudited results for the three months ended March 31, 2016.
Strategic Achievements First Quarter ("Q1") 2016 vs Q1 2015
Operating and Financial
  • Increased silver production 6% to 6.42 million ounces
  • Increased gold production 10% to 41,200 ounces
  • Reduced consolidated cash costs(1) 31% to $8.03 per payable ounce of silver, net of by-product credits
  • Reduced consolidated All-In Sustaining Costs per Silver Ounce Sold(2) ("AISCSOS") 8% to $13.12, net of by-product credits
  • Generated $1.9 million in net earnings, compared to a loss of $19.8 million
  • Adjusted earnings(3) were $3.5 million ($0.02 per share), compared to an adjusted loss(3) of $19.9 million ($0.13 per share)  
  • Increased operating cash flows before working capital changes to $28.4 million, or $0.19 per share, from $7.4 million, or $0.05 per share
Project Development
  • La Colorada expansion – project remains on budget and on schedule for the planned  production increase to 1,800 tonnes per day by the end of 2017
  • Dolores expansion – project remains on budget and on schedule for the pulp agglomeration plant and underground operations to reach full design capacity by the end of 2017

(1)
Cash cost per payable ounce of silver, net of by-product credits ("cash costs") is not a generally accepted accounting principle (a "non-GAAP") measure. Cash costs does not have a standardized meaning prescribed by IFRS as an indicator of performance. The Company's method of calculating cash costs may differ from the methods used by other entities and, accordingly, the Company's cash costs may not be comparable to similarly titled measures used by other entities. Investors are cautioned that cash costs should not be construed as an alternative to production costs, depreciation and amortization, and royalties determined in accordance with IFRS as an indicator of performance. Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of the Company's management's discussion and analysis for the three months ended March 31, 2016 (the "Q1 2016 MD&A") for a more detailed discussion of this measure and its calculation.
(2)
All-In Sustaining Costs per Silver Ounce Sold ("AISCSOS") is a non-GAAP measure. The Company has adopted AISCSOS as a measure of its consolidated operating performance and its ability to generate cash from all operations collectively, and the Company believes it is a more comprehensive measure of the cost of operating our consolidated business than traditional cash costs per payable ounce as it includes the cost of replacing ounces through exploration, the cost of ongoing capital investments (sustaining capital), general and administrative expenses, as well as other items that affect the Company's consolidated earnings and cash flow. AISCSOS does not have a standardized meaning prescribed by GAAP, and readers should refer to the "Alternative Performance (non-GAAP) Measures" section of the Q1 2016 MD&A for a more detailed discussion of this measure and its calculation.
(3)
Adjusted earnings (loss), and adjusted earnings (loss) per share, are non-GAAP measure that the Company considers to better reflect normalized earnings as it eliminates items that may be volatile from period to period relating to positions that will settle in future periods, and items that are non-recurring. Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of the Q1 2016 MD&A for a more detailed discussion of these measures and their calculation.

Michael Steinmann, President and Chief Executive Officer of the Company commented on the first quarter 2016 results, "We are off to a very good start in 2016, delivering robust production and a respectable financial performance. We produced more silver, gold and base metals as compared to the same quarter of last year, significantly reduced our costs, generated adjusted earnings of $0.02 per share and cash flow from operations of $28.4 million (before changes in working capital). These results were achieved in spite of lower prices on our silver and gold sales than in Q1 2015, which trimmed our revenue by nearly $20 million." Steinmann continued, "Our two expansion projects at La Colorada and Dolores are advancing on schedule and on budget, funded completely by our strong balance sheet, as we progress steadily towards becoming an even lower cost producer".
Consolidated Financial Results

Three months ended
March 31,
(Unaudited in thousands of U.S. Dollars,
except per share and per ounce figures)

2016

2015
Revenue
$
158,275
$
178,125
Mine operating earnings
$
16,698
$
2,630
Net earnings (loss) for the period
$
1,875
$
(19,785)
Adjusted earnings (loss) for the period(1)
$
3,455
$
(19,907)
Operating cash flow excluding changes in
non-cash working capital
$
28,371
$
7,424
All-in sustaining cost per silver ounce sold(2)
$
13.12
$
14.24
Net earnings (loss) per share attributable to
common shareholders (basic)
$
0.01
$
(0.13)
Adjusted earnings (loss) per share
attributable to common shareholders (basic)
$
0.02
$
(0.13)
Operating cash flow excluding changes in
non-cash working capital per share
$
0.19
$
0.05


(1)      
Adjusted earnings (loss), and adjusted earnings (loss) per share, are non-GAAP measures that the Company considers to better reflect normalized earnings as it eliminates items that may be volatile from period to period relating to positions that will settle in future periods, and items that are non-recurring. Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of the Q1 2016 MD&A for a more detailed discussion of these measures and their calculation.
(2)      
AISCSOS is a non-GAAP measure and does not have a standardized meaning prescribed by GAAP. Readers should refer to the "Alternative Performance (non-GAAP) Measures" section of the Q1 2016 MD&A for a more detailed discussion of this measure and its calculation.


________________________________














http://pennystockjournal.blogspot.ca/2012/12/pan-american-silver-corp-paat.html

Tuesday, March 22, 2016

New Gold Inc. - NGD.t

New Gold Inc. - NGD.t is an intermediate gold mining company with a portfolio of four producing assets and two significant development projects.

The company produced 435,718 ounces in 2015 at AISC of $ 809 per oz.
On March 21, 2016 the company reported NEWS

New Gold Inc. ("New Gold") (TSX:NGD) (NYSE MKT:NGD) announces that the company has filed its management information circular, including the nominees for election to New Gold's board of directors.

The director nominees include Ian Pearce, a proposed new independent director. Mr. Pearce has over 25 years of experience in the mining industry. From 1993 to 2003, Mr. Pearce held progressively more senior engineering and project management roles with Fluor Inc. From 2003 to 2006, he held executive roles at Falconbridge Limited, including Chief Operating Officer, and he subsequently served as Chief Executive Officer of Xstrata Nickel, a subsidiary of Xstrata plc, from 2006 to 2013. Mr. Pearce is currently a partner of X2 Resources, a private partnership focused on building a mid-tier diversified mining and metals group.

The nominees also include Robert Gallagher, New Gold's President and Chief Executive Officer. As previously announced, Mr. Gallagher will be retiring as an officer of New Gold on June 30, 2016. Mr. Gallagher, currently a director of New Gold, intends to continue as a director of the company following his planned retirement.

Pierre Lassonde, currently a director of the company, will not be standing for re-election at the meeting. Since joining the New Gold board in June 2008, Mr. Lassonde has made a significant and highly valued contribution to the development and success of New Gold. On July 30, 2015, Mr. Lassonde was appointed as Chair of the Board of Directors of the Canada Council for the Arts, Canada's national public arts funder.

"My retirement from the New Gold board will allow me to devote more time to my responsibilities with the Canada Council for the Arts as well as other philanthropic causes," stated Mr. Lassonde. "I have greatly enjoyed working with the board and management of New Gold over the past eight years. I am very excited about New Gold's future, including the ongoing construction of the Rainy River mine. I will remain a strong supporter of the company and look forward to continuing as a significant shareholder of New Gold."

__________________________________
On February 17, 2016 the company reported NEWS

" New Gold Inc. ("New Gold") (TSX:NGD) (NYSE MKT:NGD) today announces its 2015 fourth quarter and full-year financial results, provides an update on its portfolio of development projects, including Rainy River and the results of the New Afton C-zone feasibility study, and updates its year-end mineral reserve and resource estimates. The company previously announced its preliminary 2015 operational results and 2016 guidance on January 20, 2016.
2015 FULL-YEAR HIGHLIGHTS
  • Record full-year gold production of 435,718 ounces, exceeded the guidance range of 390,000 to 430,000 ounces and delivered a 15% increase in production over 2014
  • All-in sustaining costs(1) of $809 per ounce, including total cash costs(2) of $443 per ounce
  • Cash generated from operations of $263 million relative to $269 million in 2014
  • Cash generated from operations before changes in non-cash operating working capital(3) of $265 million compared to $310 million in the prior year
  • Adjusted net loss(4) of $11 million, or $0.02 per share
  • Net loss of $201 million, or $0.40 per share, including a $99 million non-cash, after-tax loss associated with the company's sale of its 30% interest in the El Morro project
  • Year-end cash balance of $336 million

2015 FOURTH QUARTER HIGHLIGHTS
  • Record quarterly production with 131,719 ounces of gold and 29 million pounds of copper
  • Record low all-in sustaining costs(1) of $613 per ounce, including total cash costs(2) of $389 per ounce
  • Cash generated from operations increased by 21% to $85 million compared to $70 million in the fourth quarter of 2014
  • Cash generated from operations before changes in non-cash operating working capital(3) of $77 million relative to $70 million in the fourth quarter of 2014
  • Adjusted net earnings(4) of $3 million, or $0.01 per share
  • Net loss of $10 million, or $0.02 per share

DEVELOPMENT PROJECTS
  • Rainy River remains on schedule for mid-2017 production start with total estimated development capital of $877 million at the company's updated 2016 guidance exchange rate assumption of C$1.40/US$
  • New Afton C-zone feasibility study completed, which demonstrates the potential to extend the mine's life by over five years

MINERAL RESERVES AND RESOURCES
  • 2015 year-end mineral reserves of 15.0 million ounces of gold, 1.2 billion pounds of copper and 76 million ounces of silver
  • New Afton's gold and copper mineral reserve estimates increased by 62% and 42%, respectively, with the addition of the C-zone to the mine's reserves
__________________________________

















http://canadastockjournal.blogspot.com/2013/05/new-gold-inc-ngdt.html