Business
Trevali Releases First Quarter 2020 Results
Trevali Releases First Quarter 2020 Results.
About this update from Trevali Mining Corp.
[{"type":"text","content":"\n VANCOUVER, British Columbia, May 13, 2020 (GLOBE NEWSWIRE) -- Trevali Mining Corporation (“Trevali” or the “Company”) (TSX: TV, BVL: TV; OTCQX: TREVF, Frankfurt: 4TI) today released financial and operating results for the three months ended March 31, 2020. The Company reported production of 99 million pounds of zinc at an All-In Sustaining Cost1 (“AISC”) of $1.10 per pound. A net loss of ($175.6) million was principally due to a non-cash impairment charge of $137.4 million being recorded relating to Caribou, Santander, and exploration properties. The adjusted net loss1 for the quarter was ($7.3) million, or ($0.01) per share, primarily due to the decline in the zinc price and timing of concentrate shipments as a result of COVID-19. FINANCIAL AND OPERATIONAL HIGHLIGHTS FOR THE FIRST QUARTER 2020 Total Recordable Incident Frequency has decreased 47% to the comparative quarter in 2019 due to the focus on monitoring controls. Proactive measures have been taken at operations to safeguard employees and communities amidst the COVID-19 pandemic, allowing us to continue operating.Mitigation strategies implemented at all operations ensured that production continued with minimal interruption despite travel and government-imposed restrictions due to COVID-19.Accelerated T90 business improvement program targeting the overall reduction in AISC1 to $0.90/lb by 2021, a year earlier than originally planned. Of the original target of $50 million in annualized sustainable efficiencies, the program has delivered $30 million at the end of the first quarter.Undertaking immediate cost reductions that will preserve $41 million in liquidity in 2020 across sustaining and expansionary capital, exploration and operating expenditures.Zinc payable production of 99 million pounds at a C1 Cash Cost1 of $0.96/lb and AISC1 of $1.10/lb. Excluding Caribou, which was placed on care and maintenance in the quarter in response to the current business environment, zinc production of 83.6 million payable pounds at a C1 Cash Cost1 of $0.86/lb and AISC1 of $0.99/lb.Fixed-pricing arrangement increased Q1 revenues by $8.0 million at Santander and Caribou. A further gain of $2.3 million was recorded to Other Income in respect of Caribou’s April and May fixed-pricing quantities that will not be delivered and wil...