International Minerals Corp.
- WKN: 893760
- ISIN: CA4598751002
- Land: USA
Nachricht vom 16.05.2012 | 00:03
International Minerals Reports $6.8 Million in Pre-Tax Income for Third Fiscal Quarter Ending March 31, 2012. Signs Agreement for Sale of Ruby Hill Royalty for $38 Million
International Minerals Corp. / Key word(s): Quarter Results 16.05.2012 00:03 Release of an ad hoc announcement pursuant to Art. 53 KR --------------------------------------------------------------------------- NEWS RELEASE International Minerals Reports $6.8 Million in Pre-Tax Income For Third Fiscal Quarter Ending March 31, 2012. Signs Agreement for Sale of Ruby Hill Royalty for $38 Million Scottsdale, Arizona, May 15, 2012: International Minerals Corporation (Toronto and Swiss stock exchanges: 'IMZ', the 'Company') reports its financial results for the third fiscal quarter ended March 31, 2012 (the 'Current Quarter'). All amounts in this news release are reported in U.S. dollars. Current Quarter highlights include $6.8 million in consolidated pre-tax income and $6.2 million in consolidated net and comprehensive income after tax ($0.05 per share), including net equity income of $10.9 million from the Company's 40% interest (Hochschild Mining 60%) in the Pallancata silver mine in Peru ('Pallancata'). For the nine-month period ended March 31, 2012 (the 'Current Nine Month Period'), the Company reported consolidated pre-tax income of $34.0 million and consolidated net and comprehensive income after tax of $32.5 million ($0.27 per share). Subsequent to the end of the Current Quarter, the Company has entered into a non-binding letter agreement with an arm's length third party to sell its 3% net smelter return royalty on production from Barrick Gold Corporation's Ruby Hill gold mine in Nevada (the 'Ruby Hill Royalty') for cash proceeds of $38.0 million. The commercial terms of this transaction have been approved in principle by the respective Boards of both companies subject to completion of legal due diligence, regulatory approvals and finalization of a purchase and sale agreement. Closing of the transaction is expected before the end of May 2012. The Company acquired the Ruby Hill Royalty as part of the acquisition of Metallic Ventures Gold Inc. in February 2010, which also included the Goldfield and Converse gold projects in Nevada. Subsequent to the end of the Current Quarter, the Company received a $12.0 million cash distribution from Minera Suyamarca S.A.C. (which owns Pallancata), representing the Company's 40% share of a the total cash distribution of $30 million from Pallancata for the first calendar quarter of 2012. Other notable highlights for the Current Quarter include the following project updates announced in news releases: (a) on January 11, 2012, the positive results of an independent feasibility study for the Inmaculada gold-silver development project in Peru; (b) on March 20, 2012, positive results of metallurgical test work and additional drilling results at the Goldfield gold project in Nevada, together with the progress of the feasibility study scheduled to be completed this summer for a proposed open-pit heap leach gold operation; and (c) on April 20, 2012, updated mineral reserves and resource estimates for the Pallancata Mine. Highlights for the Three-Month Period Ended March 31, 2012: During the Current Quarter, the Company achieved the following significant results: * Consolidated pre-tax income of $6.8 million compared to $13.1 million for the three months ended March 31, 2011 (the 'Prior Year's Quarter'). Income for the Prior Year's Quarter included higher earnings from Pallancata primarily because of higher silver and gold production, a higher gold by-product credit (which reduced operating costs), lower mine-site operating costs and lower Peruvian production royalties and taxes. See more detailed information below under 'Pallancata Mine'. * Consolidated net and comprehensive income after tax of $6.2 million (or $0.05 per share) compared to $13.1 million (or $0.11 per share) for the Prior Year's Quarter. In the Current Quarter the Company recognized $656,000 of withholding tax expense while in the Prior Year's Quarter zero income/withholding tax expense was recognized. * Cash and equivalents at March 31, 2011 decreased to $83.9 million from $86.1 million at fiscal year end June 30, 2011. The decrease in cash and equivalents is primarily a function of the Company's expenditures on its exploration and development activities at its two major gold projects in Nevada (Goldfield and Converse) offset by cash distributions from Suyamarca. * Pallancata Mine: Net equity income (Company's 40% share) of $10.9 million compared to net equity income of $16.6 million for the Prior Year's Quarter. On a 100%-basis produced approximately 1.8 million ounces of silver and 5,612 ounces of gold compared to 2.0 million ounces of silver and 7,780 ounces of gold in the Prior Year's Quarter. The Company's 40% share of production was approximately 700,000 ounces of silver and 2,245 ounces of gold compared to 800,000 ounces of silver and 3,112 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 grades of both silver and gold processed due primarily to (i) the fact that the higher metal prices prevailing during the most recently completed quarter has allowed lower grade material to be mined profitably at Pallancata and (ii) operational scheduling constraints related to mine development and backfill placement. Direct site costs for the Current Quarter at the Pallancata Mine were approximately $5.34 per ounce of silver produced (after gold by-product credit) and total cash costs (as defined by the Gold Institute) were $9.48 per ounce silver (after gold by-product credit). The Prior Year's Quarter direct site costs and total cash costs were $2.68 and $5.96 per ounce of silver produced, respectively (after the gold by-product credit). * The increase in production costs per ounce of silver after gold by-product credit for the Current Quarter is caused primarily by (a) lower silver and gold production, ,(b) lower gold by-product credit, (c) an increase in mining costs associated with the preparation of stopes exploiting the narrower veins, and (d) increased Peruvian mining taxes (under the newly-enacted Peruvian law in late 2011, which replaced the existing royalty schedule with an operating profit-based tax increase), and (d) weakening of the U.S. dollar against the Peruvian currency. * Gross royalty revenue received by the Company from its 3% net smelter return royalty from the Barrick Gold's Ruby Hill gold mine in Nevada was $1.1 million (net royalty income was $0.7 million) compared to gross royalty revenue of $1.5 million (net royalty income of $0.3 million) for the Prior Year's Quarter. * At March 31, 2012, working capital remained robust at $57.4 million compared to working capital of $52.4 million at fiscal year end June 30, 2011. Other Financial Information for the Three-Month Period Ended March 31, 2012: * Total expenses were $3.3 million compared to $2.6 million for the Prior Year's Quarter. The increase in costs in the Current Quarter was mostly due to an increase in general exploration spending and an increase in salary and benefits expense due to additional salary costs and an increase in staff support. In addition, administrative costs in Peru were primarily charged to operations as opposed to being capitalized to resource properties as in prior quarters. * Other items reduced income by $1.4 million for the Current Quarter compared to a reduction in income of $1.2 million in the Prior Year's Quarter, due mainly to foreign exchange losses of $1.5 million) which resulted from the strengthening of the Canadian dollar against the U.S. dollar. Such foreign exchange changes can significantly impact the reported carrying value of the Company's Canadian-dollar denominated convertible debentures. * The Company recognized a withholding tax expense of $656,000 for Peruvian withholding tax (4.1%) on a cash dividend received by the Company from its Peruvian subsidiary. In the Prior Year's Quarter no income tax withholding expense was reported. * At March 31, 2012, the Company's deferred income tax liability was $8.0 million, which represents the net 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 Minera Suyamarca S.A.C. (which owns the Pallancata Mine and also the Inmaculada gold-silver development property) on an equity accounting basis. Financial Results for the Nine-Month Period Ended March 31, 2012: During the Current Nine-Month Period, the Company achieved the following significant results: * The Company reported pre-tax consolidated income of $34.0 million compared to $39.2 million for the nine-month period ended March 31, 2011 (the 'Previous Nine-Month Period'). * Consolidated net and comprehensive income after tax was $32.5 million ($0.27 per share) compared to $39.2 million ($0.33 per share) for the Previous Nine Month Period. The decrease in net income for the Current Nine-Month Period was primarily due to a decrease in the equity income from Pallancata and withholding taxes in Peru on dividends received by the Company from its Peruvian subsidiary of $1.5 million ($nil in the same period last year). Also during the Previous Nine-Month Period, the Company reported a non-recurring gain of $2.4 million from the sale of an 11% interest in the Inmaculada gold-silver property to Hochschild. * Consolidated cash flow from operating activities was $27.6 million compared to $24.1 million for the Previous Nine-Month Period, with the decrease due to a timing difference in cash distributions from Pallancata for the Current Nine-Month Period. * Net equity income from Pallancata was $38.8 million compared to $42.7 million for the Previous Nine-Month Period. This decrease was largely a function of lower gold and silver revenue from Pallancata due to lower gold and silver production and an increase in Peruvian mining taxes under a newly-enacted Peruvian law in late 2011, which replaced the existing royalty schedule with an operating profit-based tax increase. * Net royalty income from the Ruby Hill mine was $2.2 million, compared to royalty income of $1.9 million for the Previous Nine-Month Period. Operating Statistics for the Pallancata Mine (100% Project Basis). The table below reports key operating and cost statistics for Pallancata for the fiscal quarters ended March 31, 2012 and 2011, respectively, and for the calendar years ended December 31, 2011 and 2010, respectively. Results for the quarter ended December 31, 2011 are also included for comparison purposes. Quarter Ended 3/31/2012 Quarter Ended 3/31/2011 Quarter Ended 12/31/2011 Year Ended 12/31/2011 Year Ended 12/31/2010 Ore mined (mt) 221,556 222,746 291,607 1,039,674 1,090,948 Ore processed (mt) 257,339 242,061 293,060 1,070,467 1,071,617 Head grade- Ag (g/t) 263 303 293 301 344 Head grade-Au (g/t) 0.99 1.31 1.27 1.33 1.40 Concentrate produced (mt) 1,745 1,908 2,363 8,608 9,541 Silver production (oz) 1,780,122 2,017,735 2,288,930 8,767,394 10,135,483 Gold production (oz) 5,612 7,780 8,304 33,881 35,849 Silver sold ( ozs) 1,826,000 2,327,800 2,636,200 9,063,800 9,998,000 Gold sold (ozs) 5,500 8,630 9,315 33,900 32,600 IMZ direct site costs (US$) per oz (net of gold by-product credit) 5.34 2.68 2.35 2.20 222 IMZ total cash costs (US$) per oz (net of gold by-product credit) 9.48 5.96 6.26 6.38 5.47 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 'production' and 'sold' metal ounces relates to 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'. The Company believes that this calculation more accurately matches costs with ounces of production (Also see notes 5 and 6 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 credit. 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 cost per ounce is net of gold by-product credit. 7. mt = metric tonnes; g/t - grams per metric tonne; oz = troy ounces Company Outlook Through calendar year end December 31, 2012, the Company's exploration and development efforts will be focused on: * At the 40%-owned 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 3.5 years based on current reserves as of December 31, 2011). * At the 40%-owned Inmaculada gold-silver project, also in Peru: - Working with Hochschild to continue with mine development, permitting 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 100%-owned Goldfield gold project in Nevada: completing a feasibility study in the summer of 2012, with the goal of potential production in calendar 2015. * At the 100%-owned Converse gold project, also in Nevada: commencing a feasibility study in the summer of 2012. * At the 100%-owned Rio Blanco gold-silver project in Ecuador: continuing discussions with the Ecuadorian government with respect to the negotiation for a production contract and also to evaluate other options for maximizing shareholder value for the project. * Further reviewing the technical aspects of the approximately 60%-owned Gaby gold project, also in Ecuador, and evaluate other options for maximizing shareholder value for the project. * Continuing to seek opportunities in precious metal properties in low political risk countries in the Americas, where the Company believes it can increase the value of such properties using its exploration, development, financing and administrative expertise to enhance value. 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, Marketing Consultant +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. 16.05.2012 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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