International Minerals Corp.
- WKN: 893760
- ISIN: CA4598751002
- Land: USA
Nachricht vom 15.02.2012 | 00:03
International Minerals Reports $12.0 Million in Pre-Tax Income for Second Fiscal Quarter Ending December 31, 2011
International Minerals Corp. / Key word(s): Quarter Results 15.02.2012 00:03 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- NEWS RELEASE International Minerals Reports $12.0 Million in Pre-Tax Income for Second Fiscal Quarter Ending December 31, 2011 Scottsdale, Arizona, February 14, 2012 - International Minerals Corporation (Toronto and Swiss stock exchanges: 'IMZ', the 'Company') reports continuing excellent financial results for the second fiscal quarter ended December 31, 2011 (the 'Current Quarter'). Current Quarter highlights include $12.0 million in pre-tax income and $11.1 million in consolidated net and comprehensive income after tax ($0.09 per share), including net equity earnings of $13.1 million from the Company's 40% interest (Hochschild Mining 60%) in the Pallancata Mine in Peru. For the six-month period ended December 31, 2011, the Company reported pre-tax income of $27.2 million and consolidated net and comprehensive income after tax of $26.3 million ($0.22 per share). In addition, during the Current Quarter the Company received cash distributions of $12.0 million from the Pallancata Mine, representing its 40% share of free cash flow from prior periods. IMZ anticipates that it will receive its next cash distribution from Pallancata in early April of 2012. Other notable highlights include the following news release announcements: (a) on December 19, 2011, the results of an independent Preliminary Economic Assessment ('scoping study') for the Company's 100%-owned Converse project in Nevada and (b) on January 11, 2012, the results of an independent Feasibility Study for the Inmaculada project in Peru (40% IMZ / 60% Hochschild). All amounts in this news release are reported in US dollars. Highlights for the Three-Month Period Ended December 31, 2011: During the Current Quarter, the Company achieved the following significant results: - Pre-tax income of $12.0 million for the Current Quarter compared to $16.6 million for the three months ended December 31, 2010 (the 'Prior Year's Quarter'). Income for the Prior Year's Quarter included a non-recurring gain of $2.4 million arising from the sale of an 11% interest in the Inmaculada property to Hochschild in December 2010. - After-tax consolidated net and comprehensive income of $11.1 million (or $0.09 per share) compared to consolidated net and comprehensive income after tax of $16.6 million (or $0.14 per share) for the Prior Year's Quarter. - Realized net earnings of $13.1 million for the Current Quarter from the Company's 40% share of the Pallancata Mine after the deduction of the Company's monitoring costs and the amortization of certain non-reimbursable costs, compared to $16.3 million for the Prior Year's Quarter. - Cash and equivalents at December 31, 2011 increased to $95.7 million from $51.7 million at December 31, 2010 and $86.1 million at June 30, 2011. - At December 31, 2011 working capital remained robust at $59.8 million compared to working capital of $52.4 million at June 30, 2011. - Consolidated cash flow from operating activities for the Current Quarter was $10.7 million compared to consolidated cash flow from operating activities of $20.6 million for the Prior Year's Quarter. Cash flow from operating activities is materially affected by the timing and amount of cash distributions from the Pallancata Mine for any given reporting period. - Gross royalty revenue received by IMZ from its 3% net smelter return royalty from Barrick's Ruby Hill gold mine (the 'Barrick Royalty') was $1.3 million for the Current Quarter (net royalty income was $0.8 million). These figures compare to gross royalty revenue of $1.2 million and net royalty income of $1.0 million for the Prior Year's Quarter. - The Pallancata Mine (on a 100% project basis) produced approximately 2.3 million ounces of silver and 8,304 ounces of gold in the Current Quarter, compared to 2.8 million ounces of silver and 10,045 ounces of gold in the Prior Year's Quarter. - The Company's 40% share of production from the Pallancata Mine in the Current Quarter was approximately 916,000 ounces of silver and 3,322 ounces of gold compared to 1.1 million ounces of silver and 4,018 ounces of gold for the Prior Year's Quarter. The decrease in gold and silver production for the Current Quarter compared to the Prior Year's Quarter was due to a decrease in the grade of both silver and gold processed, due primarily to the fact that the higher metal prices prevailing during the Current Quarter allowed lower grade material to be mined profitably. - Direct site costs for the Current Quarter at the Pallancata Mine were approximately $2.35 per ounce silver produced (after gold by-product credits) and total cash costs (as defined by the Gold Institute) were $6.26 per ounce silver (after gold by-product credits). For the Prior Year's Quarter, direct site costs and total cash costs were lower at $1.05 and $4.89 per ounce silver, respectively. - Direct site and total cash costs were higher in the Current Quarter compared to the Prior Year's Quarter because of lower metal production, inflationary cost pressures and an unfavorable appreciation of the Peruvian Sol against the US dollar for mine-related site costs. Other Financial Information for the Three-month Period Ended December 31, 2011: - Other expenses totaled $1.7 million for the Current Quarter compared to $1.9 million for the Prior Year's Quarter. The decrease in costs in the Current Quarter are mostly due to lower interest and financing costs related to the convertible debentures, as there is no remaining amortization of the deferred financing costs on the debentures because of their maturity in May 2012. The only significant increase in spending compared to the Prior Year's Quarter was a $206,000 increase in professional fees, primarily incurred during the adoption of International Financial Reporting Standards (IFRS). - Other items represented a reduction in income of $0.3 million for the Current Quarter compared to net other income of $1.3 million for the Prior Year's Quarter. As previously discussed, other income for the quarter ended December 31, 2010 included a $2.4 million gain from the sale of an 11% interest in Inmaculada to Hochschild. - In the Current Quarter, the Company recognized a withholding tax expense of $820,000, which was the Peruvian withholding tax (4.1%) on a cash dividend received by IMZ from its Peruvian subsidiary. - At December 31, 2011, the Company's total deferred income tax liability was $8.0 million, which represents the deferred tax liability recorded on the January 2010 acquisition of Metallic Ventures. This tax liability is expected to be a non-cash item and will be amortized at such time as operations commence at the Goldfield or Converse properties or it will be expensed if they are both sold or abandoned. The Company accounts for its 40% interest in Suyamarca (which owns and operates the Pallancata Mine and the Inmaculada development property) on an equity accounting basis. Financial Results for the Six-Month Period Ended December 31, 2011: - The Company reported pre-tax income of $27.2 million for the six-month period ended December 31, 2011 (the 'Current Six Month Period') compared to pre-tax income of $25.2 million for the six-month period ended December 31, 2010 (the 'Previous Six Month Period'). - Consolidated net and comprehensive income after tax for the Current Six Month Period was $26.3 million ($0.22 per share) compared to $25.2 million in consolidated net and comprehensive income ($0.22 per share) for the Previous Six Month Period and the increase was primarily due to increased equity income from the Pallancata Mine. - Consolidated cash flow from operating activities for the Current Six Month Period was $30.4 million compared to $22.1 million for the Previous Six Month Period, with the increase due to an increase in cash distributions from the Pallancata Mine. - Net equity income from the Pallancata Mine for the Current Six Month Period was $27.9 million compared to $25.2 million for the Previous Six Month Period. This increase was largely a function of higher metal prices offset by lower metal production and sales. - Net royalty income from the Barrick Royalty for the Current Six Month Period was $1.5 million compared to net royalty income of $1.6 million for the Previous Six Month Period. Operating Statistics for the Pallancata Mine (100% Project Basis). The table below reports key operating and cost statistics for the Pallancata Mine for the fiscal quarters ended December 31, 2011 and 2010, respectively and for the calendar years ended December 31, 2011 and 2010, respectively, together with the results for the quarter ended September 30, 2011.Quarter Quarter Quarter Year Year Ended 12/ Ended 12/ Ended 09/ Ended 12/ Ended 12/ 31/2011 31/2010 30/2011 31/2011 31/2010 Ore mined 291,607 304,277 269,273 1,039,674 1,090,948 (mt) Ore processed 293,060 281,035 268,673 1,070,467 1,071,617 (mt) Head grade- 293 358 313 301 344 Ag (g/t) Head grade-Au 1.27 1.50 1.43 1.33 1.40 (g/t) Concentrate 2,363 2,283 2,266 8,608 9,541 produced (mt) Silver 2,288,930 2,762,725 2,290,805 8,767,394 10,135,483 production (oz) Gold 8,304 10,045 9,370 33,881 35,849 production (oz) Silver Sold 2,636,200 2,548,700 1,935,300 9,063,800 9,998,000 ( ozs) Gold sold 9,315 8,333 8,017 33,900 32,600 (ozs) IMZ direct 2.35 1.05 1.01 2.20 222 site costs (US$) IMZ total 6.26 4.89 5.44 6.38 5.47 cash costs (US$)Notes: 1. The reported head grades for silver and gold are based on the overall metallurgical balance for the process plant. 2. The difference between 'produced' metal ounces and 'sold' metal ounces is in-process concentrate. Silver sales have been rounded. 3. Silver and gold ounces sold are reported as gross ounces. 4. Direct site costs per ounce silver and total cash costs per ounce silver reflect a 'mined ore inventory adjustment'. IMZ believes that this calculation more accurately matches costs with ounces of production (Also see notes 4 and 5 below). 5. Direct site costs per ounce silver comprise direct mining costs, mined ore inventory adjustment, toll processing costs and mine general and administrative costs. The cost per ounce is net of gold by-product credits. 6. Total cash costs, using the Gold Institute definition, comprise: mine operating costs, mined ore inventory adjustment, toll processing costs, mine general and administrative costs, Hochschild management fee, concentrate transportation and smelting costs, local and regional taxes and the government royalty. The costs per ounce are net of gold by-product credits. Company Outlook During the 2012 fiscal and calendar years, the Company's exploration and development efforts are focused on: - At the Pallancata silver mine in Peru: - Working with Hochschild to continue production at the 3,000 tpd mining rate to produce approximately 8.0 million ounces of silver and 34,000 ounces of gold in calendar year 2012 (the Company's estimate on a 100% project basis). - Increasing mineral resources and reserves to extend the existing mine life (approximately a 4 years based on current reserves). - At the Inmaculada gold-silver project in Peru: - Working with Hochschild to continue with mine development and construction with production targeted to commence prior to the end of calendar year 2013. - Continuing with an aggressive exploration program in order to expand reserves and resources. - At the Goldfield gold project in Nevada, to complete a feasibility study in the summer of 2012, with the goal of potential production in calendar 2015. - At the Converse gold project in Nevada, to commence a feasibility study in the summer of 2012. - At the Rio Blanco gold-silver project in Ecuador, to conclude discussions with the Ecuadorian government with respect to the negotiation of a production contract, which will include quantification of certain tax and royalty issues related to the 2009 Mining Law. - Also subject to clarification of the mining law issues mentioned above, to advance the Gaby gold project with the commencement of a feasibility study before the end of the calendar year. - Enhancing cash flow by acquiring a producing asset or assets in a low-risk political and environmental jurisdiction in the Americas. - Continuing to seek additional strategic joint venture alliances, such as that with Hochschild at Pallancata and Inmaculada, in order to fast-track projects to production and to reduce future cash outlays by the Company. Hochschild Mining plc does not accept any responsibility for the adequacy or inadequacy of the disclosure made in this news release and any such responsibility is hereby disclaimed in all respects. For additional information, contact: In North America Paul Durham, VP Corporate Relations Tel: +1 480 483 9932 In Europe Oliver Holzer, Markeing Consultant Tel: +41 44 853 00 47 Or email us at: IR@intlminerals.com Internet Site: http://www.intlminerals.com To view the Company's financial statements and MD&A, please click the following link: http://www.intlminerals.com/financialreports.php Cautionary Statement: The Gold Institute calculation of Direct Site Costs and Total Cash Costs are non-IFRS financial measures, which Company management believes are useful in measuring operational performance. Some of the statements contained in this release are 'forward-looking statements' within the meaning of Canadian securities law requirements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements in this release include statements regarding production expectations, drilling and development programs on the Company's projects, timing of completion of economic studies and the timing of commencement of construction and production and, obtaining of required environmental and production permits. Factors that could cause actual results to differ materially from anticipated results include risks and uncertainties such as: risks relating to obtaining mining and environmental permits; mining and development risks; financing risks; risk of commodity price fluctuations; political and regulatory risks; risks related to the new mining law in Ecuador, and other risks and uncertainties detailed in the Company's Annual Information Form for the year ended June 30, 2011, which is available at www.sedar.com under the Company's name. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. 15.02.2012 News transmitted by EquityStory AG. The issuer is responsible for the contents of the release. EquityStory publishes regulatory releases, media releases on the capital market and press releases. The EquityStory Group distributes authentic and real-time financial news for over 1'300 listed companies. The Swiss news archive can be found at www.equitystory.ch/news --------------------------------------------------------------------------- Language: English Company: International Minerals Corp. 7950 East Acoma Street AZ 85260 Scottdale United States Phone: 001 480 483 9932 Fax: 001 480 483 9926 E-mail: IR@intlminerals.com Internet: www.intlminerals.com ISIN: CA4598751002 Swiss Security Number: 893760 Listed: Freiverkehr in Berlin, München; Open Market in Frankfurt; Toronto, SIX End of Announcement EquityStory News-Service ---------------------------------------------------------------------------
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