PERTH, AUSTRALIA--(Marketwired - May 15, 2014) - Mawson West Limited (TSX:MWE) ("Mawson West" or "the Company") is pleased to announce it has released its financial results and related Management's Discussion and Analysis (MD&A) incorporating the three months ("the Quarter" or "Q1") to 31 March 2014.
Mawson West Chief Executive Bruce McFadzean said: "During the Quarter we continued to focus on production from the Dikulushi underground operation, having transitioned from processing high grade open pit material in the previous quarter. Given this transition, we experienced a scheduled reduction in our copper and silver output.
"However as we continue to ramp up production from the Dikulushi underground mine we remain confident of realising our FY 2014 production target of 7-9k tonnes of copper in concentrate. In addition, underground exploration drilling currently underway has the potential to significantly increase the underground resource at Dikulushi, extending the life of mine beyond Q3 2014.
"It was very pleasing to announce, subsequent to the end of the Quarter, Mawson West had secured with Trafigura an offtake agreement and a US$50 million prepayment facility. Executing such an agreement enables us to complete the remaining development of our Kapulo project and we now expect to commence commissioning in Q4 2014, bringing on projected annualized production of 20k tonnes of copper in concentrate.
"With continued production from Dikulushi and the Kapulo development advancing towards production Mawson West remains strongly positioned for growth."
Mawson West will host a Q1 results conference call on Tuesday 20, May 2014 at 10.00am (North American Eastern Standard Time) (1.00pm London; 10.00pm Perth; 12.00am Sydney).
Chief Executive Officer and Managing Director, Bruce McFadzean, and Chief Financial Officer, Mark Di Silvio will discuss the Company's financial and operating results for the Quarter, followed by questions from analysts and shareholders.
Dial in details for the conference call have been provided on page three (3) of this announcement.
Key highlights of the Quarter include:
|(in thousands of US dollars except as otherwise noted)||Three months ended March 31|
|Profit/(Loss) after income tax||(4,761||)||11,949|
|Earnings (Loss) per Share (basic) (cents) 1||(2.9||)||6.4|
|Realised copper price ($/tonne)||6,993||7,893|
|Copper sales (tonnes)||1,138||4,698|
|C1 cost per pound ($)||3.47||0.31|
Exploration and Resource Definition
1 The term "C1 cost" is a non-IFRS financial performance measure reported in this MD&A. See "Non-IFRS Financial Measures" on page 12.
Interested parties may access the conference call by using the following dial-in numbers.
Participant PIN Code: 29244#
Dial-in access details for other countries can be obtained from the below web address:
Please connect approximately 10 minutes prior to the beginning of the call.
A recorded playback of the conference call can be accessed from the below web address after the event: http://www.mawsonwest.com/irm/content/webcasts.aspx?RID=317.