Business
Trevali Reports Fourth Quarter And Full Year 2019 Results, Beats Production Guidance With Record Production Year
Trevali Reports Fourth Quarter And Full Year 2019 Results, Beats Production Guidance With Record Production Year.
About this update from Trevali Mining Corp.
[{"type":"text","content":"\n VANCOUVER, British Columbia, Feb. 20, 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 and twelve months ended December 31st, 2019. A strong focus on operational improvements led Trevali to exceed on annual production guidance and deliver an annual production record of 417 million pounds of zinc at an all-in-sustaining-cost1 (“AISC”) of $1.01 per pound. All financial figures are in U.S. dollars. FINANCIAL AND OPERATIONAL HIGHLIGHTS Significantly improved safety performance with 46% reduction in Total Recordable Injury Frequency in 2019 compared to 2018.Exceeded 2019 zinc production guidance by producing a record annual 417 million payable pounds of zinc (3% increase on 2018). Total 2019 lead and silver production also exceeded guidance (21% and 15% increase, respectively, on 2018).Adjusted EBITDA1 of $106.9 million ($20.4 million during Q4 2019) and annual operating cash flows of $111.9 million (2018: $119.0 million) which facilitated voluntary debt repayments of $69.5 million during 2019.Successful completion of the Rosh Pinah filtration and grinding upgrade project on schedule and on budget. The T90 Program has identified $42 million of the $50 million targeted sustainable efficiencies, $14 million of which have been implemented and will be realized on an ongoing annual basis at end of 2019 as part of the goal to achieve an AISC1 of $0.90 per pound by the beginning of 2022.Advanced the RP2.0 Expansion Project with the Pre-Feasibility Study now expected in Q2 2020. Achieved record zinc payable sales of 440 million pounds in 2019, surpassing prior year by 9%, reducing stock levels to 15,000 tonnes, a 40% reduction of zinc concentrate inventories from Q3.A fixed zinc pricing arrangement at $1.10 per pound was entered into for a six-month period, for December 2019 to May 2020, equal to 70% of the zinc concentrate produced at Caribou and Santander.Discovered a third VMS lens at Perkoa named “T3” and began the resource conversion program at the Santander Pipe. Exploration spend of $10.4 million achieving 41,000 metres drilled during 2019. Ricus Grimbeek, Trevali’s President and CEO commented “We are pleased to r...