..Petaquilla Minerals Ltd. Announces 18% Increase in Revenue, 15% Increase in Net Income and 46% Increase in EBITDA for the Third Quarter of Fiscal 2013Press Release: Petaquilla Minerals Ltd. – 4 minutes 12 seconds ago....Email0
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......VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 17, 2013) - Petaquilla Minerals Ltd. ("Petaquilla" or the "Company") (PTQ.TO)(PTQMF)(P7Z.F) announces its third quarter operating and financial results for its Molejon gold mine located in Panama. Currency is reported in United States dollars unless otherwise indicated.
Financial Performance
9 months ended 3 months ended
February 28 and February 28 and
February 29 February 29
Key Performance Indicator FY 2013 FY 2012 Variation FY 2013 FY 2012 Variation
Revenue $82.9 M $70.3 M 18% $27.5 M $18.8 M 46%
Operating profit $39.1 M $26.8 M 46% $14.0 M $6.3 M 122%
Earnings from operations $19.4 M $10.1 M 92% $6.6 M $0.5 M 1,220%
Net income $21.1 M $18.4 M 15% $15.8 M $4.5 M 251%
EBITDA $31.8 M $21.8 M 46% $9.8M $3.6 M 172%
Adjusted EBITDA $39.3 M $28.0 M 40% $11.1 M $5.7 M 95%
Cash cost per ounce $528 $562 (6%) $637 $616 3%
Realized gold price $1,656 $1,647 1% $1,647 $1,622 2%
Operational Performance
9 months ended 3 months ended
February 28 and February 28 and
February 29 February 29
Key Performance Indicator FY 2013 FY 2012 Variation FY 2013 FY 2012 Variation
Gold production 56 koz 50 koz 11% 18 koz 14 koz 29%
Gold Equiv. production 57 koz 51 koz 11% 18 koz 14 koz 29%
Gold stockpiled (*) 120 koz 85 koz 41% 120 koz 85 koz 41%
(*) Total ounces of gold stockpiled as at the end of each period.
During the third quarter of fiscal 2013, the operating margin of the Company at $14 million, increased by 122% compared to the same period of fiscal 2012. After considering general and administrative expenses and other corporate expenditures, the Company earned from operations $6.6 million during the three months ended February 28, 2013, and $19.4 million on a cumulative basis for the nine months ended February 28, 2013. These earnings from operations represented increases of 1,220% and 92% compared to the same period of fiscal 2012, respectively.
Gold production during the third quarter of fiscal 2013 decreased by 12% as compared to the previous quarter primarily due to works necessary to complete the Molejon gold plant expansion. The capacity expansion (the addition of a fourth ball mill, two additional leach tanks, two additional carbon in pulp tanks, and one additional thickener) was a complex technical achievement because it was largely executed while the plant was in operation. However, equipment did need to be halted at times to allow for the installation of new pipes and pumps on existing circuits and, as a result, production during the third quarter was effected. The plant expansion is now complete with all four ball mills in operation.
For fiscal 2013, the Company expects gold equivalent ounces produced at its Molejon gold mine to be between 75,000 and 80,000 ounces, an increase of 10% compared to fiscal 2012, with cash costs to be within the range of $550 to $600. For fiscal 2014, the company aims to increase production to 90,000 to 100,000 ounces, which will include production from a commercial heap leaching project expected to be commissioned during fiscal 2014.
Lomero-Poyatos Project
In keeping with its objective to return the Lomero-Poyatos mine to production, during the three months ended February 28, 2013, the Company has been progressing on works at Lomero-Poyatos in order to obtain a National Instrument 43-101 ("NI 43-101") compliant estimate of measured and indicated resources during the fourth quarter of fiscal 2013.
Palmilla Gold Deposit
During the three months ended February 28, 2013 the Company filed a NI 43-101 compliant technical report on the Palmilla Gold Project dated December 11, 2012. The Palmilla deposit is located on the Belencillo concession and associated with the Company's Molejon gold operations in Panama. The NI 43-101 compliant Pit Constrained mineral inferred resource in the Palmilla deposit are estimated to contain approximately 19.7Mt averaging 0.50 g/t of gold, 0.54 g/t of silver and 0.18% of copper (December 19, 2012, news release).
Agreement with Inmet Mining Corporation
During the three months ended February 28, 2013, the Company and Inmet Mining Corporation with its subsidiary in Panama, Minera Panama, S.A. (collectively, "Inmet"), signed a binding term sheet outlining an agreement for aggregate procurement, land access and use, the settlement of certain claims, the waiver of royalties to be received by Inmet and camp site procurement in the District of Donoso, Province of Colon, Panama. The total value of the arrangements agreed to by the parties is up to $150 million. The main commercial terms include up to $100 million of aggregate procurement over a three year period to be provided by the Company's infrastructure division, Panama Desarrollo de Infraestructura, S.A., to the Cobre Panama Project, with a minimum guaranteed amount of $75 million, and the lease over a 10 year period of certain lands owned by the Company for the establishment of temporary and permanent camp space for the Cobre Panama Project for an annual rent of $1.3 million. The remaining value of the agreement consisted of the forgiveness of royalties and the release of certain monetary claims by Inmet.
