23. Dezember 2024, 04:03

Northgate Minerals Corp. WKN 856 029 ISIN CA6664161024 NGX

Tschonko · 2006-08-11T16:26:30+02:00

Aus gegebenem Anlass NORTHGATE REPORTS RECORD QUARTERLY EARNINGS AND CASH FLOW ein eigener Thread für Northgate. Der Bericht ist elendslang: http://biz.yahoo.com/iw/060810/0153076.html Ein paar Highlights: reported cash flow from operations before changes in working capital and other items of $65,352,000 or $0.29 per diluted common share and net earnings of $56,162,000 or $0.25 per diluted common share for the second quarter of 2006. - Production of 76,127 ounces of gold and 18.1 million pounds of copper. - The quarterly net cash cost of gold production at the Kemess mine dropped below zero for the first time in the history of the mine at negative $44 per ounce. Year to date Kemess has produced 153,761 ounces of gold at a net cash cost of negative $8 per ounce. - Cash flow from operations (before working capital and other items) and earnings reached new records of $65.4 million and $56.2 million respectively. - Northgate repurchased an additional 55,000 ounces of its gold forward sales position during the quarter reducing its remaining position to only 84,000 ounces. - Kemess mill availability averaged 94% in the quarter, setting a new record. - Northgate is proceeding with a $22 million underground exploration program at Young-Davidson in order to accelerate the development of the project as a result of the outstanding drill results obtained thus far. - Northgate signed a Kemess South Cooperation agreement with three First Nations. - Significant progress has been made in the Kemess North permitting process with a tentative date of October 30 for the commencement of public hearings. Ken Stowe, President and CEO, stated; "Northgate's outstanding financial and operating results speak for themselves. Given the current commodity price environment, I expect results for the balance of 2006 to be equally impressive. We are all sincerely disappointed that Aurizon's management chose not to allow their shareholders to vote on an offer that provided them with a substantial premium and the opportunity to participate in a stronger mid-tier gold mining company, however we have moved on and are evaluating other growth opportunities that will create value for our shareholders. One positive outcome of our failed bid is the recognition by the marketplace that Northgate is committed to growth through accretive acquisitions. This recognition has brought with it a number of new corporate development opportunities which we are presently considering. At the same time, we are very pleased with the significant progress we are making on our internal growth initiatives at Young-Davidson and Kemess North." During the quarter, the Corporation reduced its gold forward sales position by 55,000 (2005 - 100,250) ounces at a cost of $18,693,000 (2005 - $12,627,000). In accordance with Accounting Guideline 13, "Hedging Relationships", losses associated with the early settlement of contracts were deferred and are being amortized over the same period as the forward sales contracts were originally scheduled to be closed out. As at June 30, 2006, $15,754,000 ($13,049,000 in current assets) of the deferred hedging loss from early settlement of contracts remained deferred and will be amortized over the period that the forward sales contracts were originally scheduled to settle (July 2006 - December 2007). At June 30, 2006, Kemess Mines Ltd. had remaining gold forward sales commitments with a major financial institution to deliver 84,000 ounces of gold at an average accumulated price of $307 per ounce. These forward sales commitments are in the form of forward sales contracts maturing at various dates between November 30, 2006 and December 31, 2007. The unrealized loss on these forward contracts at June 30, 2006 was approximately $27,040,000. At June 30, 2006, the Corporation had forward sales contracts with a major financial institution to fix the price for delivered copper for which final settlement has not occurred. A total volume of 13,700 metric tonnes of copper were sold forward using LME contracts maturing from July 2006 through November 2006 at an average forward price of $2.79 per pound. The Corporation also entered into separate forward purchase contracts with the same institution to repurchase its forward sales position at monthly average cash LME prices over the same period. The volume of forward sales and purchases in each future contract month match the expected future pricing periods for copper in concentrate delivered to Falconbridge under a multi-year concentrate sales agreement. The copper forward sales and purchase contracts are being recognized on a mark-to-market basis. The fair value of these contracts at June 30, 2006 was a net loss of $22,045,000.

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NORTHGATE REPORTS RECORD QUARTERLY EARNINGS AND CASH FLOW
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