Terra Nostra Resources Joint Venture Operations Achieve Substantial Fourth Quarter Revenue Growth
Thursday July 12, 9:11 am ET
LOS ANGELES, July 12 /PRNewswire-FirstCall/ -- Terra Nostra Resources Corporation (OTC Bulletin Board: TNRO - News), majority owner of two China joint venture companies in the strategic copper and stainless steel industries, announced today that preliminary revenue figures for the fourth quarter joint venture operations are significantly increased over the prior quarter.
For the three months ending May 31, 2007, the Shandong Quanxin Stainless Steel joint venture operations generated revenues of $88.8 million, with a total 28.3 metric tons (MT) of billets and hot roll coil sold. This substantial increase over prior quarter revenues of $1.6 million is attributed to the successful ramp-up of production at the casting mill.
Shandong Jinpeng Metallurgical copper joint venture operations generated revenues of $44.5 million, from sales of 4,643 MT of electrolytic copper and copper rod, 1,372 MT of low-oxygen copper rod, 17,876 g of gold, and 1,598 kg of silver. This represents a 12.3% increase over the third quarter copper operations revenues of $39.6 million.
For the fiscal year ending May 31, 2007, the Copper and Stainless Steel joint venture operations generated combined preliminary revenues of over $280 million, compared to prior year joint venture revenues of $106.7 million.
Terra Nostra expects to release fully consolidated results for the fourth quarter and fiscal year (audited) ending May 31, 2007 representing its joint venture ownership interests within the next 45 days.
Mr. Sun Liu James Po, CEO of Terra Nostra, comments, "The ramp-up of stainless steel operations in the fourth quarter were accelerated due to strong customer demand, and our congratulations go out to the management and operational teams in Zibo, China for bringing the mill to over 70% operating levels through April and May, ahead of schedule."
