Business
Trevali Reports 2019 Third Quarter Results; Another Record of Quarterly Zinc Production, Confirms Guidance and Outlines Future Plans
Trevali Reports 2019 Third Quarter Results; Another Record of Quarterly Zinc Production, Confirms Guidance and Outlines Future Plans.
About this update from Trevali Mining Corp.
[{"type":"text","content":"\n VANCOUVER, British Columbia, Nov. 05, 2019 (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 and nine months ended September 30, 2019. A strong focus on operational improvements delivered a second consecutive record of quarterly zinc production at 106.8 million pounds and further cash cost and all-in-sustaining cost reductions over the prior quarter, firmly positioning Trevali to meet, or potentially exceed 2019 production targets. All financial figures are in U.S. dollars. FINANCIAL AND OPERATIONAL HIGHLIGHTS FOR THE THIRD QUARTER(Compared to second quarter 2019, unless otherwise noted) Excellent safety performance with a 71% reduction in Total Recordable Injury Frequency year to date compared to the same period of the prior year.T90 business improvement program officially launched. Targeting $50 million of annual sustainable efficiencies and reduction in AISC1 to $0.90/lb by the beginning of 2022. $30 million has been identified as of September 30, 2019.Second consecutive quarter of record zinc production with 106.8 million payable pounds at a C1 Cash Cost1 of $0.84/lb and an AISC1 of $0.96/lb and all operations performing well. 2019 annual production and cost guidance confirmed. Potential for annual production to exceed the top end of the range and AISC1 trending to the middle of the range despite higher smelting and refining charges announced earlier this year as part of the annual benchmark update.Rosh Pinah RP2.0 feasibility study on track with initial investment decision by the end of Q1 2020. Trade-off studies narrowing down on optimized configuration for mining, processing and infrastructure. Engaged AMC Consultants, Knight Piesold, and DRA Global on the study.Exploration spend increased on positive results year to date from a minimum of $8.4 million to $11.7 million, with $7.6 million spent and 28,000 metres drilled year to date. Drilling of 18,000 metres planned for Q4 2019 to identify new mineral resources within trucking distance of existing operations.Adjusted EBITDA1 of $22.5 million during Q3 2019 underpinned by sales volumes of 111.1 million pounds of zinc payable and reduction of 7.6 million pounds of inventory.Robust Q3 2019 and year to dat...