Business
BQE Water Reports Q3 2018 Results
(via TheNewswire) VANCOUVER, BC / TheNewswire / November 20, 2018 - BQE W...
About this update from Bqe Water Inc
[{"type":"text","content":"BQE Water Reports Q3 2018 Results(via TheNewswire)\n \n \nVANCOUVER, BC / TheNewswire / November 20, 2018 - BQE Water Inc. (TSX-V: BQE), a leader in the treatment and management of mine impacted waters, is pleased to release its interim consolidated financial results for the three and nine months ended September 30, 2018.\n\n\n \n0.2Q3 2018 Financial Highlights\n\n\n \n\n\nStrongest quarter in the Company's history with adjusted EBITDA of $1.3 million and net income of $944,000 in the quarter;\n\n\n\nProportional revenues increased by 11% to $3.5 million for the quarter;\n\n\n\nTechnical services accounted for 28% of Proportional revenues in comparison to 18% for the same period for the year prior, indicating a corporate shift away from revenues earned from metals recovery; and\n\n\n\nProportional Cash, which includes our share held in joint ventures, as of September 30, 2018 was $3.2 million compared to $2.5 million at the end of 2017.\n\n\n\n \n \n0.3Q3 2018 Operating Highlights\n\n\n \nRaglan Water Treatment, Quebec\n\n\n \nThe Company operates three water treatment plants at Raglan Mine, an active nickel mine in Northern Quebec owned by Glencore Canada Corporation (\"Glencore\"). The three plants utilize BQE Water's ChemSulphide(R) and Met-IX(TM) processes, and conventional lime neutralization. The two plants using ChemSulphide(R) and Met-IX(TM) not only treat water for environmental discharge but also recover nickel that is blended into the nickel concentrate produced by the mine. \n\n \n \nDuring Q2, we mobilized our operations team to site to commence our 15th operating season at Raglan. However, due to unusually cold weather in May and June, the spring thaw has been delayed and we started treating water approximately one month later compared to previous seasons. Based on the availability of water at the site, we expect that over 1.1 million cubic metres of water will be available for treatment for the 2018 season and preparations are being made to extend the treatment season by one month. Operating results for three plants for the current quarter and the current year are as follows:\n\n \n\n(in '000s)\n\n\n\n\n3 months ended Sept. 30\n\n\n\n\n9 months ended Sept. 30\n\n\n \n\n\n2018\n\n\n\n\n2017\n\n\n\n\n2018\n\n\n\n\n2017\n\n\n\n\nWater treated (cubic metres)\n\n\n\n\n862\n\n\n\n\n1,002\n\n\n\n\n862\n\n\n\n\n1,142\n\n\...