Business
Almonty Announces Results for the Three and Nine Month Periods Ended June 30, 2012
/ NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/ ...
About this update from Almonty Industries Inc.
[{"type":"text","content":"\n\n\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE\n UNITED STATES/ \n\n\nRevenue of $4.80 million and EBITDA1 of $1.45 million for the second quarter\n\n\nTORONTO, Aug. 28, 2012 /CNW/ - Almonty Industries Inc. (\"Almonty\" or the \"Company\") (TSX-V: AII) today announced the filing of its unaudited consolidated\n interim financial statements and management discussion & analysis (\"MD&A\") for the three and nine month periods ended June 30, 2012.  Unless\n otherwise indicated, all currency amounts contained in this news\n release are in thousands of Canadian dollars.\n\n\nAlmonty reported revenue of $4,802, gross profit of $2,239 representing\n a gross profit margin of 46.6%, EBITDA1 of $1,450 and net income of $263 for the three month period ended June\n 30, 2012.  For the nine month period ended June 30, 2012 revenue\n totalled $16,251, gross profit was $7,661 representing a gross profit\n margin of 47.1%, EBITDA1 of $5,355 and net income of $1,390.\n\n\nAlmonty mined 113,492 tonnes of ore at a weighted average grade of 0.28%\n WO3 for the three month period ended June 30, 2012 (347,574 tonnes of ore\n at a weighted average grade of 0.27% WO3 for the nine month period ended June 30, 2012).  The overall increase\n in head grade mined is a result of planned pit optimization that the\n Company is undertaking to further enhance its ability to access higher\n grade material in future periods.\n\n\nThe Company processed 116,166 tonnes of ore during the three month\n period ended June 30, 2012. The weighted average grade of ore processed\n was 0.24% WO3 for a total contained MTU WO3 processed of 27,786.\n\n\nTungsten concentrate recovery for the period averaged 58.1%, a marginal\n increase over the previous quarter recovery rate of 57.1%.  The Company\n believes that it has fully optimized the existing processing equipment\n following the installation of a hydrosizer to its processing circuit in\n May 2012.  This is the first in a series of processing improvements the\n Company is undertaking to further enhance its tungsten recovery rate.\n Tungsten recovery rates averaged 60.5% in June and 60.0% in July. The\n Company has begun site preparation work and finalized the engineering\n design for the installation of a flotation circuit.  The Company\n expects that the...