Silvermet Announces Record Production and Sales in 2012; Trading At Yr Highs
Silvermet Inc. (SYI.V), at year highs, announced financial and operating results for 2012. Highlights include: 2012 was the highest year of production and sales since the start of operations in 2009; Silvermet continues to generate positive cash flow with a strengthening working capital balance, no debt, relatively stable zinc prices and smelter treatment charges.
- 2012 sales in Dry Metric Tonnes increased by 35% to 20,153 DMT of zinc concentrate, containing 29.6 million pounds of zinc, compared to the 21.9 million pounds of zinc sold in 2011
- 2012 revenues increased by 26% to $22.1 million (at 100%) compared to $17.6 million in 2011.
- Cash costs declined by 10% to $0.57 per pound in 2012 from $0.63 per pound in 2011.
- Zinc recovery rates increased to 75% in 2012 from 67% in 2011.
- 2012 production increased by 29% to 19,706 DMT zinc concentrate (containing 67% zinc) compared to 2011 production of 15,328 DMT.
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