Q1-2011 highlights
-- Revenues of $45.5 million, 53% higher than Q1-2010
-- Quarterly Net Profits of $11.7 million or $0.07 per share
-- Consolidated cash of $37.2 million
-- Set new records for first quarter copper and molybdenum production. MVC produced 5,051 tonnes of copper, 30% higher than the 3,896 tonnes produced in Q1-2010. Copper production from the processing of old tailings increased from 1,476 tonnes in Q1-2010 to 2,055 tonnes in Q1-2011. Molybdenum production at 212,125 pounds was 20% higher than the previous first quarter record of 176,967 pounds produced in Q1-2006.
-- Posted quarterly revenue of $45,515,500, compared to $29,656,765 in Q1-2010, a substantial increase due to higher production and stronger copper and molybdenum prices.
-- Generated quarterly gross profit of $6,122,073, compared to $3,281,553 in Q1-2010, and operating profit of $5,247,040, compared to $2,222,207 in Q1-2010.
-- Posted a quarterly profit after tax of $11,654,286, compared to
$1,500,292 in Q1-2010.
-- Sold 5,000,000 shares of Candente Copper Corp. ("Candente Copper"), resulting in a gain on sale of available-for-sale financial assets of $9,750,931, recognized in earnings. As a result, the Company's profit before tax for the period increased to $14,809,453, compared to $1,831,619 in Q1-2010. The Company continues to hold 5,788,280 shares in Candente Copper.
-- Generated quarterly operating cash flow of $8,484,095, compared to $3,823,849 in Q1-2010.
-- Held consolidated cash of $37,175,251 and working capital of $35,760,795 as of March 31, 2011.
-- Made quarterly principal repayments of $3,824,637 on loans outstanding, including $1,887,155 to Enami, fully repaying that loan and $1,937,482 to Chilean banks. Bank debt was $10,701,547 as of March 31, 2011.
-- Paid a semi-annual dividend of Cdn$0.02 per share on May 5, 2011 to shareholders of record as of April 22, 2011.
-- Subsequent to quarter end, executed an agreement with El Teniente for the treatment of tailings with high oxide content and completed the construction of a pilot plant to produce copper from highly oxidized tailings at a total cost of approximately $7.6M and a cost to MVC of approximately $3.8M.
