PR Newswire
TORONTO, Feb. 13, 2018
TSX:ORV
First Quarter of Fiscal 2018 Highlights:
Fiscal 2018 Outlook:
TORONTO, Feb. 13, 2018 /PRNewswire/ -- Orvana Minerals Corp. (TSX:ORV) (the "Company" or "Orvana") announced today financial and operational results for the first quarter ("Q1 2018"). The Company is also providing financial and operational updates for its El Valle and Carlés Mines (collectively, "El Valle") operations in northern Spain and its Don Mario Mine in Bolivia.
The unaudited condensed interim consolidated financial statements for Q1 2018 and Management's Discussion and Analysis related thereto are available on SEDAR and on the Company's website at www.orvana.com.
Q1 2018 Highlights
The Company's strategy to increase production at its El Valle operation targets productivity enhancements to allow for delivery of higher gold ore grades to the mill that are expected to result in higher gold ounces to be produced and reduced unitary costs, while at Don Mario the Company is focusing on nearby gold deposits to extend its mine life. The Company reports the following positive developments in the first quarter of fiscal 2018 as follows:
Juan Gavidia, Interim CEO stated, "Our Don Mario operation continues to deliver consistently strong results from LMZ ore processed through its carbon-in-leach circuit, and we look forward to maintaining this trend with ore from our nearby Cerro Felix gold deposit shortly. At El Valle, our ramp up of higher gold grade oxide production continues, though on a longer timeframe than initially planned. The challenges that we experienced at El Valle in Q1 are in the process of being resolved. Our updated planning for the balance of fiscal 2018 indicates that a portion of our first quarter shortfall will be recovered over the remainder of the fiscal year, bringing annual production and costs in line with our guidance."
Strategy and Outlook
The Company continues to pursue its objectives of optimizing production, lowering unitary cash costs, maximizing fee cash flow, extending the life-of-mine of its operations and growing its operations to deliver shareholder value.
El Valle
At El Valle, the primary objective in fiscal 2018 continues to be replacing mined skarn tonnes with higher gold grade oxides in order to bring the proportion of oxide ore processed in the plant up to a target of 50%, thereby substantially increasing ore grades delivered to the mill and increasing gold ounce production. Through additional geological and geotechnical work, the Company also expects to significantly increase the reliability of the mine plan by minimizing the proportion of inferred material in its mine planning and taking additional measures to address grade variability. Infrastructure and fleet maintenance investments to improve productivity and efficiency will continue to be made through fiscal 2018 as planned. It is anticipated that these actions will also positively impact El Valle's unitary costs in fiscal 2018.
Don Mario
At Don Mario, the Company continues to produce consistent results from its re-commissioned CIL circuit, producing an average of over 12,000 ounces of gold per quarter from the Lower Mineralized Zone. Don Mario continues to pursue realization of a number of known opportunities for mine life extension. In the near term, the Company expects to commence pre-stripping activities at Cerro Felix in the first quarter of fiscal 2018, and intends to transition its mine production to this satellite deposit following the depletion of the LMZ, expected in mid-fiscal 2018. The Company has also been evaluating opportunities to further extend the life of Don Mario, including processing existing mineral stockpiles, potential mining of the Company's Las Tojas deposit, potential mining of the UMZ bottom pit and reprocessing gold bearing tailings.
While maintaining its focus on optimizing current operations, the Company will also evaluate strategic alternatives that could serve to transform the profile of the Company.
FY 2018 Production and Cost Guidance
| | | | | ||
| | Q1 2018 Actual | | FY 2018 Guidance | ||
El Valle Production | | | | | ||
| Gold (oz) | | 10,784 | | 65,000 – 72,000 | |
| Copper (million lbs) | | 0.9 | | 4.1 – 4.5 | |
Don Mario Production | | | | | ||
| Gold (oz) | | 12,388 | | 45,000 – 48,000 | |
| Copper (million lbs) | | 1.9 | | 2.0 – 2.3 | |
Total Production | | | | | ||
| Gold (oz) | | 23,172 | | 110,000 – 120,000 | |
| Copper (million lbs) | | 2.8 | | 6.1 – 6.8 | |
Total capital expenditures | | $6,207 | | $24,000 – $27,000 | ||
Cash operating costs (by-product) ($/oz) gold (1) | | $999 | | $950 – $1,050 | ||
All-in sustaining costs (by-product) ($/oz) gold (1) | | $1,253 | | $1,150 – $1,250 |
(1) | FY 2018 guidance assumptions for COC and AISC include by-product commodity prices of $2.75 per pound of copper and an average Euro to US Dollar exchange of 1.20. |
Selected Operational and Financial Information
| | | | | | |
| | Q1 2018 | Q4 2017 | Q1 2017 | FY 2017 | |
Operating Performance | | | | | | |
Gold | | | | | | |
| Production (oz) | | 23,172 | 27,666 | 15,699 | 90,292 |
| Sales (oz) | | 21,995 | 29,639 | 14,060 | 88,636 |
| Average realized price / oz | | $1,269 | $1,268 | $1,260 | $1,258 |
Copper | | | | | | |
| Production ('000 lbs) | | 2,759 | 3,601 | 3,588 | 13,893 |
| Sales ('000 lbs) | | 2,700 | 3,850 | 3,598 | 14,686 |
| Average realized price / lb | | $2.82 | $2.74 | $2.32 | $2.50 |
Financial Performance (in 000's, except per share amounts) | | | | | | |
Revenue | | $34,170 | $46,156 | $23,458 | $137,999 | |
Mining costs Werbung Mehr Nachrichten zur Orvana Minerals Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1 Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News |