Trevali Mining Corporation (TSX:TV) has released financial results for the three months and nine months ended September 30, 2015, posting a third quarter net loss of $3.4 million ($0.01 per share). Santander Mine operations income for the quarter was $1.5 million on concentrate sales revenue of $27 million.
- Santander concentrate sales revenue of $27 million
- EBITDA(1) of $3.9 million
- Income from Santander mine operations of $1.5 million
- Santander Q3 site cash costs(2) of US$0.28 per pound of payable Zinc Equivalent (“ZnEq”)(3) produced or US$38.67/tonne milled, ahead of the Company’s revised year-end guidance of US$46-48 per tonne milled
- Santander Q3 production of 14.8-million payable pounds of zinc, 7.8-million payable pounds of lead and 285,962 payable ounces of silver
- Santander Q3 sales of 15.2-million pounds of zinc, 8-million pounds of lead, and 290,228 ounces of silver
- Realized selling prices for zinc, lead and silver of US$0.78 per pound, US$0.73 per pound and US$14.80 per ounce respectively at Santander
- Santander mill recoveries remain higher than design at 90% for Zn, 89% for Pb and 77% for Ag
- Net loss of $3.4 million or ($0.01) per share
Trevali President and CEO, Dr. Mark Cruise, stated:
Despite a weak price environment for all commodities, the Santander unit performed strongly during the third quarter posting positive operational income on the back of concentrate sales revenue of $27 million. As anticipated the current short-term Zn and Pb pricing environment, which fails to reflect macro-supply fundamentals, has resulted in the announcement of major industry production cuts globally. This coupled with the near-term closure of major Tier-1 zinc mines by end of year (Lisheen & Century) and ongoing destocking of Zn and Pb warehouses should help reinforce the Company’s position, as the only primary zinc producer on the TSX, to benefit from any Zn (and Pb) price strengthening into 2016.
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