Anvil posts record earnings on production growth; copper, silver prices
Source: Mining Weekly
metalsplace.com
TSX- and ASX-listed Anvil Mining on Tuesday announced record net earnings of $82,2-million and operating profit of $107-million after full year consolidation.
Revenues for 2006 totalled $175,4-million, up 184% from 2005 and operating cash flow of $99,4-million.
For the fourth quarter ended December 31, 2006, the company reported consolidated net earnings of $21,3-million and operating profit of $25,8-million.
"Our financial performance is due to a substantial growth in copper production, improvements in operational performance at the Dikulushi and Kulu mines and increases in realised copper and silver prices.
"We achieved our copper and silver production target in 2006, producing over 42 000 t of copper and 2,2-million ounces of silver contained in concentrates. The 122% increase in copper production was due mainly to the start up of the Kulu tailings operation during the fourth quarter of 2005," said CE Bill Turner. Copper production increased to 42 574 tons, up 122% from 2005 production; record revenues from copper-silver and copper concentrate sales of $175,4-million, the company announced. |
