Business
Pasinex Reports Net Income of $5.8 Million for 2017, Strong Operating Results at Pinargozu and Operating Guidance for 2018
TORONTO, April 30, 2018 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE:PSE) (FSE:PNX) (The “Company” or “Pasinex”) today reported net income for 2017 of $5.
About this update from Pasinex Resources Ltd.
[{"type":"text","content":" TORONTO, April 30, 2018 (GLOBE NEWSWIRE) -- Pasinex Resources Limited (CSE:PSE) (FSE:PNX) (The “Company” or “Pasinex”) today reported net income for 2017 of $5.8 million; a 700 percent increase from 2016 net income of $0.8 million. Net income for the fourth quarter (Q4) of 2017 was $2.7 million compared to $0.6 million in Q4 2016. The significant improvement in the consolidated results is due to the strong operational and financial performance at Horzum AS (the 50% owned joint venture that holds the Pinargozu mine), which is reflected in Pasinex net income as Equity gain from Horzum AS. Highlights – Year End and Q4 2017 and 2016 (Canadian dollars) Year Ended December 31 Fourth Quarter 2017 2016 2017 2016 Pasinex financial results: Equity gain from Horzum AS $ 8,153,698 $ 1,802,710 $ 3,355,358 $ 1,006,817 Dividend received from Horzum AS $ 1,183,215 - $ 1,056,495 - Consolidated net income $ 5,834,104 $ 829,906 $ 2,682,150 $ 613,999 Basic net income per share $ 0.04 $ 0.01 $ 0.02 $ 0.01 Horzum AS operational data (100% basis): Zinc produced (wet) tonnes 57,675 26,462 15,748 9,416 Zinc sold (wet) tonnes 47,697 29,937 12,575 9,421 Zinc grade 33 % 33 % 31 % 30 % Gross margin 64 % 39 % 68 % 62 % C$ cost per tonne mined $ 183 $ 288 $ 252 $ 247 US$ cash cost per pound of zinc produced $ 0.19 $ 0.29 $ 0.30 $ 0.20 Refer to Note 1 Steve Williams, CEO of Pasinex commented, “We are very pleased with our 2017 financial results. Pinargozu reached its production expectations for the year resulting in a record year. This comes at a time of very strong zinc prices and we see this reflected in the robust 2017 financial results. We also received a $1.2 million dividend payment from Horzum AS in 2017 and we are expecting approximately $6.5 million in dividends paid to us during 2018.” Pasinex Highlights Pasinex’s consolidated net income for 2017 wa...