Mercator Minerals Ltd Announces Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2014; Reports Sales Results for the Second Quarter and Six Months Ended June 30, 2014
For the six months, the company generated revenues of $111.1 million, cash flow used by operations of $1.4 million, a net loss of $5.4 million or $0.02 per share, basic or an adjusted net loss of $11.6 million or adjusted earnings of $0.04 per share, compared with revenues of $118.7 million, cash flow from operations of $3.9 million, a net income of $10.5 million or $0.03 per share, basic or an adjusted net loss of $19.7 million or adjusted earnings of $0.06 per share a year ago.
For the second quarter, the company reported copper production of 8.8 million pounds against 9.9 million pounds a year ago. Molybdenum production was 2.6 million pounds against 2.8 million pounds a year ago. Copper equivalent production was 19.4 million pounds against 22.7 million pounds a year ago.
For the six months, the company reported copper production of 16.0 million pounds against 19.0 million pounds a year ago. Molybdenum production was 4.7 million pounds against 5.2 million pounds a year ago. Copper equivalent production was 35.6 million pounds against 43.1 million pounds a year ago.
For the second quarter, the company reported copper sales of 8.9 million pounds against 10.9 million pounds a year ago. Molybdenum sales were 2.5 million pounds against 2.8 million pounds a year ago. Despite the lower metal sale volumes, the primary reason for the higher Revenue was the higher molybdenum prices realized ($16.00 per pound) and higher copper prices realized ($3.27 per pound) in the second quarter 2014 as compared to the second quarter 2013.
For the six months, the company reported copper sales of 15.5 million pounds against 18.8 million pounds a year ago. Molybdenum sales were 4.6 million pounds against 5.1 million pounds a year ago.