Business
BQE Water Reports Q2 2017 Results
(via TheNewswire) VANCOUVER, BC / TheNewswire / August 23, 2017 - BQE Water I...
About this update from Bqe Water Inc
[{"type":"text","content":"BQE Water Reports Q2 2017 Results(via TheNewswire)\n \n \nVANCOUVER, BC / TheNewswire / August 23, 2017 - BQE Water Inc. (TSX-V: BQE), a leader in the treatment and management of mine impacted waters, releases its consolidated financial results for the quarter ending June 30, 2017.\n\n \n \nQ2 2017 Highlights\n\n\n \n-Revenues as reported under GAAP were $953,000 compared to $644,000 in Q2 2016;\n\n\n \n-Proportional revenues were $3.2 million compared to $2.1 million in Q2 2016;\n\n\n \n-Net income as reported under GAAP was $265,000 compared to net loss of $1.6 million in Q2 2016;\n\n\n \n-Adjusted EBITDA was $744,000 compared to $71,000 in Q2 2016;\n\n\n \n-Cash and cash equivalents reported under GAAP as of June 30, 2017 was $685,000 compared to $2.2 million at December 31, 2016; and\n\n\n \n-Proportional cash and cash equivalents, which includes BQE Water's share held in joint ventures, as of June 30, 2017 was $2 million compared to $3 million at the end of 2016.\n\n \n \nOperating Highlights\n\n\n \nThe Raglan Project, Quebec\n\n\n \nDuring the quarter, BQE Water commenced operations for its 14th operating season at the Raglan Mine site. The plant began treating water in early June, slightly earlier than the prior year. Based on the availability of water at the site, BQE Water expects to conclude operations by September, a few months earlier than prior years.\n\n \n \nJoint venture with Jiangxi Copper Company, China\n\n\n \nBQE Water's joint venture in China with partner Jiangxi Copper Company (\"JCC\") operated three plants during the quarter. Operating results for all three plants are as follows:\n\n \n\n(in '000s)\n\n\n\n\n3 months ended Jun. 30\n\n\n\n\n6 months ended Jun. 30\n\n\n \n\n\n2017\n\n\n\n\n2016\n\n\n\n\n2017\n\n\n\n\n2016\n\n\n\n\nWater treated (cubic metres)\n\n\n\n\n6,124\n\n\n\n\n6,660\n\n\n\n\n8,058\n\n\n\n\n11,639\n\n\n\n\nCopper produced (pounds)\n\n\n\n\n1,501\n\n\n\n\n1,274\n\n\n\n\n1,804\n\n\n\n\n2,192\n\n\n \n \nDuring Q2 2017, all three plants met or exceeded mechanical availability and process performance. Changes in water volume and feed grade are largely the result of environmental conditions beyond the control of the joint venture and will fluctuate from period to period. During Q2 2017, BQE Water had a decrease of 8% in water treated and an increase in copper recovery of 18% over the same pe...