|By PR Newswire||
|November 9, 2012 07:31 AM EST||
CALGARY, Nov. 9, 2012 /CNW/ - TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF) (TVI or the Company) today announced its unaudited, consolidated financial and operational results for the quarter ended September 30, 2012.
For a thorough explanation of the points discussed in this news release, shareholders are encouraged to read the unaudited interim consolidated financial statements, prepared in accordance with International Financial Reporting Standards (IFRS), and the management's discussion and analysis for the periods ended September 30, 2012 and September 30, 2011 and the audited consolidated financial statements for the years ended December 31, 2011 and 2010. These documents were filed with certain securities regulators in Canada, and are available on our web site (www.tvipacific.com or under our profile on SEDAR www.sedar.com).
Q3 2012 Highlights
- Net revenue of $19.8 million realized from the sale of concentrate
- Net income of $532.6 thousand
- Earnings before interest, taxes, depreciation and accretion of $3.2 million
- Cash balance of $9.5 million at quarter end
- Short-term debt facilities of $7.6 million (average interest rate of 2.01%)
- A working capital surplus of $12.2 million
June 30, 2012
|Gross revenue ($ million)||$22.4||$30.5||$26.5|
|Net revenue ($ million)||$19.8||$26.9||$22.6|
|Total cost per Copper Pound Equivalent (1) (US$)||$2.41||$2.75||$2.62|
|Production cash cost per Copper Pound Equivalent (2) (US$)||$1.29||$1.33||$1.29|
|Total cash cost per Copper Pound Equivalent net of by-products (3) (US$)||$0.81||$1.04||$0.65|
|Net income ($ million)||$0.53||$2.96||$2.10|
|Basic net income per share||$0.000||$0.004||$0.003|
|Average copper price received (US$/lb)||$3.48||$3.90||$3.57|
|Cash balance at quarter end ($ million)||$9.5||$13.8||$17.5|
|Letters of credit and loan facilities ($ million) (4)||$7.6||$25.7||$12.9|
|Working capital surplus ($ million)||$12.2||$1.0||$13.3|
(1) Includes selling expenses and amortization expenses
(2) Excludes selling expenses and amortization expenses
(3) Includes selling expenses and excludes amortization expenses
(4) Average interest rate of: 2.01% for Q3 2012, 5.88% for Q3 2011 and 2.04% for Q2 2012
The Canatuan mine generated net revenues of $19.8 million in Q3 2012 from the sale of concentrates, net of treatment, refining and penalties. The net revenue comprised two shipments of copper concentrate and is 26% lower than the $26.9 million net revenue realized during the same period in 2011. Copper prices during Q3 2012 were US$3.48/lb compared to $3.90/lb in Q3 2011 and US$3.57 in Q2 2012. This drop in copper prices contributed to the lower net revenue in Q3 2012 compared to both Q3 2011 and Q2 2012.
Net income was $0.53 million in Q3 2012, 82% lower than the $2.96 million in Q3 2011. Net income was impacted by higher general and administrative expenses during the quarter as a result of one-time charges incurred in relation to the acquisition of investment and joint venture arrangements with Foyson Resources Limited and Mindoro Resources Ltd. and legal and other administrative expenses related to the Balabag project. The lower average copper prices also partially contributed to a lower net income in Q3 2012.
Net income breakdown
September 30, 2012
|Reported net income||0.5|
|Interest expense and income taxes||0.2|
|Depreciation, depletion and accretion||2.5|
|One-time due diligence costs and other fees||2.0|
Net income before interest, taxes, depreciation and accretion
and one-time charges
The average copper mill feed grade during Q3 2012 was 0.92% Cu, consistent with Q2 2012. The average throughput improved slightly (from 2,520 dry metric tonnes in Q2 2012 to 2,580 dry metric tonnes in Q3 2012) resulting in a slight increase in copper pound equivalent of concentrates produced during Q3 2012. Cyanide use during the third quarter was minimal with only a week of cyanide use in September during a campaign to clean the concentrate from elevated levels of lead (Pb). Mill operating costs will continue to be below budget/forecast because of the significant reduction in reagent consumption, particularly cyanide and the reagent that neutralizes the cyanide in the tailings. As a result Canatuan realized significantly higher than planned metal recoveries and lower than budget operating costs. TVI expects to complete two copper shipments during the remainder of 2012.
Stage 4 construction of the Sulphide Tailings Storage Facility was completed in the second quarter of 2012 and provides sufficient storage capacity for the remaining ore reserve tailings. Work during the third and subsequent quarters was focused on erosion control and re-vegetation of the areas disturbed during construction in preparation for the final mine closure rehabilitation program.
June 30, 2012
|Average tonnes processed per day||2,580||2,535||2,520|
|Ore copper grade (%)||0.92||1.21||0.92|
|Copper concentrate copper grade (%)||18.33||23.74||18.46|
|Copper concentrate gold grade (g/t)||9.41||6.83||9.48|
|Copper concentrate silver grade (g/t)||333.39||466.85||370.51|
|Zinc concentrate zinc grade (%)||48.40||-||49.64|
|Copper pound equivalent produced||7,034,311||7,521,596||6,997,256|
|Copper produced (lbs)||3,924,034||4,497,398||3,750,947|
|Gold produced (oz)||3,085||1,886||2,745|
|Silver produced (oz)||109,055||139,820||127,685|
|Zinc produced (lbs)||1,789,459||2,486,913||4,197,683|
In Q3 2012 average mill throughput increased to 2,580 from 2,520 dry metric tonnes per day in Q2 2012; copper, gold, silver and zinc grades of concentrates produced were slightly lower compared to the previous quarter. Copper pound equivalent produced increased 1% quarter over quarter.
During the third quarter of 2012, the mill processed 237,383 tonnes; however, only a portion of original ore reserves was consumed due to the additional material found and mined during the year. This material, primarily mineralized schist, was used as a blending material to optimize mill recoveries and was located both inside and outside the pit shell and not included in the original ore reserves. Detailed metallurgical and ore reserve studies will continue to be undertaken to determine future processing scenarios and their potential impacts on the ore reserves and mine life.
Based on average daily throughput going forward of 2,600 tonnes per day, mine life is approximately 1.0 year (subject to change in throughput to meet shipping commitments).
In Q3 2012, TVI completed two copper concentrate shipments (30th and 31st) for a total of 10,274 dry metric tonnes. Approximately 5,000 dry metric tonne copper concentrate shipments are expected to occur approximately every 6 to 8 weeks, while zinc concentrate shipments are expected to occur approximately every 4 to 6 months. To date, 31 copper concentrate shipments of approximately 5,000 dry metric tonnes each have been completed. Additionally, 4 zinc concentrate shipments have been completed to date, totalling 15,828 dry metric tonnes. The 32nd copper shipment began loading in early November 2012 and the 5th zinc shipment is scheduled in the last quarter of 2012.
As of September 30, 2012, TVI had short term debt facilities totalling $7.6 million at an interest rate averaging 2.01%. Cash on hand was $9.5 million at the same date.
Presidential Executive Order #79 and Implementing Rules and Regulations (IRR)
On July 9, 2012, The Philippine Government introduced a new mining policy in the form of a Presidential Executive Order ("EO #79"), which provided direction to agencies of the Administration to carry out certain directives and signalled the Government's intention to seek legislation "rationalizing existing revenue sharing schemes and mechanisms". Subsequent to the last quarterly report, the Department of Environment and Natural Resources has published a set of Implementing Rules and Regulations (IRR) that came into effect on October 25, 2012. The majority of the IRR text confirmed - by way of implementation - the elements of EO #79 detailed in TVI's Q3 2012 management's discussion and analysis. However, there were certain new elements and clarifications pertinent to TVI Resource Development (Phils.), Inc.'s business:
While the IRR confirmed that there will be no new mining agreements
entered into until new legislation has been passed by Congress,
"rationalizing existing revenue schemes and mechanisms", it introduced
the possibility of expansion of existing contract areas if the Economic
Development Cabinet Cluster rules that "there is an imminent or
threatened economic disruption, such as a shortage of critical
commodities or raw materials, that could adversely affect priority
government projects and/or economic activities." TVIRD intends to make
application to the Government to expand the Canatuan Mineral Production
Sharing Agreement (MPSA) to incorporate nearby prospects, which, when
drilled, may extend the life of the project - as a possible alternative
to applying for an Exploration Permit over these prospects.
The IRR introduced a series of clauses, which combined; give the
Government the right to impose new terms and conditions on MPSAs as a
condition for their renewal for 25 years after the expiry of the first
25-year term. Industry has protested that these provisions may not be
constitutional because they constitute an executive branch order that
is in conflict with the Mining Act. However, TVIRD's MPSAs (originally
purchased from other entities) are not affected as they already contain
a provision allowing the Government to set new terms and conditions at
the time of renewal.
- The IRR state that any mining applicant, whether individuals or juridical entities, with a record of an un-remediated environmental incident will not be eligible for new mining tenements. Industry has raised the concern that this clause may be interpreted in future to include shareholders in publicly listed companies, of which management is not aware and over who has no responsibility.
The foregoing information regarding selected aspects of EO #79 and its corresponding IRR has been included in the MD&A to provide an update for readers who would otherwise be unaware of this recent development. That information is based upon the text of EO #79 and its corresponding IRR and statements made by various Government officials in the Philippines in relation to that order and the corresponding IRR. Readers are cautioned not to place undue reliance upon the information respecting EO #79 and the corresponding IRR set out above, as there can be no assurances, at this time, with respect to the timing of implementation of new legislation and regulations or the ultimate effect that such legislation and regulations may have upon companies, such as TVIRD, operating in the Philippines mining sector.
About TVI Pacific Inc. (TSX: TVI) (OTCQX: TVIPF)
TVI Pacific Inc. is a publicly-traded Canadian company that is focused on the production, development, exploration and acquisition of resource projects in the Philippines. TVI produces copper and zinc concentrates from its Canatuan mine, is in pre-development stage at its Balabag gold and silver project. TVI also has an interest in an offshore Philippine oil property.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
IMPORTANT INFORMATION REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this news release constitute forward-looking information. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe", "schedule" and similar expressions. Forward-looking statements are based upon the opinions and expectations of TVI as at the effective date of such statements and, in certain cases, information received from or disseminated by third parties. Although the Company believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and that information received from or disseminated by third parties is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied. These factors include, but are not limited to, such things as general economic conditions in Canada, the United States, the Philippines and elsewhere; volatility of prices for precious metals, base metals, oil and gas; commodity supply and demand; fluctuations in currency and interest rates; inherent risks associated with the exploration and development of mining properties; inherent risks associated with the exploration of oil and gas properties; ultimate recoverability of reserves; production, timing, results and costs of exploration and development activities; political or civil unrest; availability of financial resources or third-party financing; new laws (domestic or foreign); changes in administrative practices; changes in exploration plans or budgets; and availability of personnel and equipment (including mechanical problems). Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this news release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
Forward-looking statements regarding forward production costs and shipping and refining costs are based are based on current and previous mineral reserve and resource estimates, current mining and processing activities, prior experiences of management with mining and processing activities, the current development and operating plan, efficiency and effectiveness of the sulphide plant, and the Company's overall plans, budget and strategy for Canatuan (which are all subject to change). Forward-looking statements regarding the remaining mine life of the Canatuan deposit are based on current and previous mineral reserve and resource estimates, current mining and processing activities, prior experiences of management with mining and processing activities, the current development and operating plan, efficiency and effectiveness of the sulphide plant, and the Company's overall plans, budget and strategy for Canatuan (which are all subject to change). Forward-looking statements respecting the copper and zinc concentrate shipping schedules are based on the Company's previous experience with concentrate shipments, current mining and processing activities, current and previous mineral reserve and resource estimates, discussions to date with the off-take partner, efficiency and effectiveness of the sulphide plant, and the Company's overall plans, budget and strategy for Canatuan (which are all subject to change). Forward-looking statements regarding the nature and timing of exploration at the Greater Canatuan Tenement Area (including EXPA 61, Malusok and SE Malusok), Tamarok and the Company's other tenements in the Philippines are based upon current and previous exploration activities, management's experience with other exploration programs undertaken in the Philippines and elsewhere, and the Company's overall plans, budget and strategy (which are all subject to change). In certain cases, the timing of exploration activities in the Philippines is dependent upon the receipt of free prior informed consent from indigenous communities and regulatory approvals from the government of the Philippines. Forward-looking statements regarding expectations that the Company will be able to find additional ore in the Greater Canatuan Tenement Area (including EXPA 61, Malusok and SE Malusok) are based upon current and previous exploration activities, management's experience with other exploration programs undertaken in the Philippines and elsewhere, management's current and previous experience with mining and processing activities at Canatuan, and the Company's overall plans, budget and strategy (which are all subject to change). Forward-looking statements regarding the resumption of drilling activities at Tamarok are based on the exploration carried out to date and the Company's overall plans, budget and strategy for Tamarok (which is subject to change). Forward-looking statements regarding the arrival date of additional drilling rigs in the Philippines are based on discussions with third parties.
The forward-looking statements of the Company contained in this news release are expressly qualified, in their entirety, by this cautionary statement. Various risks to which TVI and its affiliates are exposed in the conduct of their business are described in detail in the Company's Annual Information Form for the year ended December 31, 2011, which was filed on SEDAR on March 30, 2012, and is available at www.SEDAR.com. Subject to applicable securities laws, the Company does not undertake any obligation to publicly revise the forward-looking statements included in this news release to reflect subsequent events or circumstances, except as required by law.
SOURCE TVI Pacific Inc.
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