Business
Trevali Reports Strong First Quarter 2019 Results
Trevali Reports Strong First Quarter 2019 Results.
About this update from Trevali Mining Corp.
[{"type":"text","content":"\nVANCOUVER, British Columbia, May 06, 2019 (GLOBE NEWSWIRE) -- Trevali Mining Corporation (“Trevali” or “we”, “our”) (TSX: TV; BVL: TV; OTCQX: TREVF; Frankfurt: 4TI) today released strong financial and operating results for the three months ending March 31, 2019. Adjusted EBITDA1 increased to $52 million in the first quarter, a 6% increase over the prior year. High revenue generation was driven by strong sales volumes, robust pricing and steady production levels. These positive results were further reinforced by our exceptional safety performance in the quarter with only one lost time incident recorded. Net income in the quarter was $16 million, or $0.02 per share. All financial figures are in U.S. dollars.\n First Quarter Highlights:(Compared to first quarter 2018, unless otherwise noted) Excellent safety performance – reduction of lost-time injuries, with only one recorded, down from eleven.Solid quarterly zinc production of 100.6 million payable pounds – annual production on track to achieve 2019 guidance.Strong on-site cost control – Operating costs per tonne1 lowered by 4%. Third-party factors led to higher C1 Cash Costs1 and AISC1 costs, including higher zinc concentrate treatment charges and costs associated with selling additional concentrate.Improved Adjusted EBITDA1 of $52.0 million – concentrate inventory reductions led to strong sales volumes and resulted a 6% increase in adjusted EBITDA1.Strengthened leadership team – appointment of Jessica McDonald as Chair of the Board of Directors and Ricus Grimbeek as President and Chief Executive Officer.Debt levels lowered – $40.0 million in principal repaid and $168.6 million available and undrawn on revolving credit facility, further strengthening an already robust balance sheet. Ricus Grimbeek, Trevali’s newly appointed President and CEO commented, “I am incredibly excited to have joined Trevali and to be working alongside management to build a best-in-class company. We have a skilled team of people at our four operating underground mines. All our mines are generating positive cash flow at today’s prices and I believe have the potential to do even better. Over the next few months, I will be continuing my visits to our operations, meeting our staff and stakeholders and advancing new an...