Financials

FIRST QUARTER 2013 HIGHLIGHTS AND SIGNIFICANT ITEMS
(refer to financial statements and MD&A below)

  • Production for the period was 20.4 million copper equivalent** pounds, comprised of 9.1 million pounds of copper in concentrate and copper cathode, 2.4 million pounds of molybdenum, and 152,130 ounces of silver.
  • Copper and molybdenum shipments were 7.9 million pounds and 2.3 million pounds, respectively. Copper shipments were less than production during the quarter due to a 0.8 million pound build-up of inventory levels at the end of March 2013, the balance of which was shipped in April 2013.
  • Recoveries were 82.5% and 82.3%, respectively, for copper in concentrates and molybdenum in concentrates, the fourth consecutive quarter that recoveries were over design rates.
  • Average throughput was 42,738 tons per day ("tpd"), due to mining in harder ore sections of the pit and extra scheduled maintenance downtime. Since March 21, 2013, when optimizations to the grinding circuit were made, to May 9, 2013, average throughput rates have been 50,000 tpd, or an increase of 22% when compared to the period January 1 to March 20, 2013.
  • Due to low production levels, cash costs*, on a co-product accounting basis, were $2.72 per pound of total copper produced and $11.08 per pound of molybdenum produced.
  • Administration expenses, excluding non-cash stock based compensation expense, were $1.5 million or 35% lower than the same quarter a year ago.

OVERVIEW
  $ millions unless otherwise noted Three months ended March 31,
2013 2012
Revenues 54.5 65.2
Gross profit 0.5 14.0
Net income (loss)
Earnings (loss) per share, basic		 1.8
$0.01		 (20.5)
$(0.08)
Adjusted net income*
Adjusted earnings per share*, basic		 (9.0)
$(0.03)		 1.5
$0.01
Cash flow from operations, before non-cash working capital changes (3.1) 7.1
Shipments (million pounds)
  • Copper
  • Molybdenum
    		•    7.9
    2.3    		   7.9
    2.3
    Production (million pounds)
  • Copper
  • Molybdenum
  • Copper equivalent**
    		•    9.1
    2.4
    20.4    		   9.9
    2.3
    20.4
    Throughput (tons per day) 42,738 48,666
    Recoveries (%)
  • Copper
  • Molybdenum
    		•    82.5
    82.3    		   72.6
    70.9
    On-site operating costs ($/ton milled) 11.17 9.19
    Cash costs* on a co-product basis ($/lb)
  • Copper
  • Molybdenum
    		•    2.72
    11.08    		   2.31
    11.75
    Average realized prices ($/lb)
  • Copper (excluding hedges)
  • Molybdenum
    		•    3.58
    11.04    		   4.08
    13.91
    *non-IFRS performance measures. Refer to page 17 of the Q1 2013 MD&A for further details.
    ** copper equivalent production calculated using a molybdenum/copper ratio of 4.65, based on the Company's beginning of year estimated 2013 metal prices, including adjustments for copper hedging.
     

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