NZX Announcement: AMR beats production and recovery targets, announces strong cash flow and maiden net profit
/Dear Aorere Resources shareholder,
The announcement below has just been filed with NZX and will be released before the market opens in the morning.
Regards,
Chris Castle
Managing Director
Aorere Resources Limited
Cell: +64 21 558 185
3 May 2015
Dear Aorere Resources shareholder,
Our oldest investment, Asian Mineral Resources, made the announcement below in Canada last Friday (Saturday here).
Aorere has played a significant part for the last 14 years in making this happen, and we should all be proud of that. During that period there were many obstacles placed in our path, and the odds stacked against us seemed unsurmountable at times.
There are obvious parallels with Chatham Rock Phosphate.
Our shareholding in AMR is presently our second largest holding and represents 16.6% of our assets.
Regards,
Chris Castle
Managing Director
Email: chris@widespread.co.nz
ASIAN MINERAL RESOURCES BEATS PRODUCTION AND RECOVERY TARGETS; ANNOUNCES STRONG CASH FLOW AND MAIDEN NET PROFIT
Asian Mineral Resources Ltd. is providing a financial and operational update for the full year ended Dec. 31, 2014.
Operational highlights
- Production ramp-up completed:
- 12 per cent above target milled production of 422,456 tonnes (375,000-tonne 2014 target);
- 6,854 tonnes of nickel contained metal in concentrate (2013: 1,166 tonnes);
- 3,439 tonnes of copper contained metal in concentrate (2013: 671 tonnes);
- Above target nickel mill recoveries of 85.2 per cent (2013: 78.5 per cent).
- Awarded a mineral exploration licence in July, 2014, covering 49 square kilometres of highly prospective ground surrounding the existing Ban Phuc mine.
Financial highlights
- Revenue of $87.8-million (2013: $9.2-million) and an average realized nickel price for the year of $7.75 (U.S.)/pound;
- C1 unit operating cash costs of $3.03/pound (2013: $5.15/pound);
- Strong operational cash flow of $17.6-million (2013: negative $2.5-million), allowing for:
- $14.4-million of capital investment;
- $3.4-million of debt repayments;
- Negative $200,000 due to cash movement and FX fluctuations.
- Gross profit of $15.6-million for 2014 (2013: $1.3-million);
- Net income of $6.5-million (2013: negative $10.8-million);
- Total cash and cash equivalents of $5.0-million and total current assets of $27.2-million as at Dec. 31, 2014.
SUMMARY ANNUAL FINANCIAL INFORMATION
2014 2013
Net sales revenue $ 87,818,927 $ 9,156,036
Gross profit $ 15,631,447 $ 1,253,998
Operating cash flow $ 17,634,240 $ (3,097,563)
Net income/(loss) $ 6,505,019 $ (10,807,985)
