Metals Aim to Impact International Market: Amarium Metals, Freeport-McMoRan, Southern Copper, Agnico Eagle Mines, Newmont Mining
CORAL SPRINGS, Florida, October 25, 2013 /PRNewswire/ --
News updates for market movers forging ahead in the mining industry: Amarium Metals Inc. (OTC: AMMG), Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX), Southern Copper Corp. (NYSE: SCCO), Agnico Eagle Mines Limited (NYSE: AEM) and Newmont Mining Corporation (NYSE: NEM)
Amarium Technologies Inc. (OTC: AMMG), through its wholly owned subsidiary Amarium Minerals Inc., reports that the Company has scheduled additional copper shipments to the Asian market, due to increased sales orders from Anglo-Asia Resource Partners. Amarium is currently organizing shipping and production schedules at both the Jovita and San Pedro Mine facilities to ensure the Company successfully fulfills the new sales orders. Anglo-Asia Resource Partners is a private Hong Kong partnership that is focused on procuring precious and base metals for the Asian market's manufacturing and industrial supply chain. "Our strategy from the onset has been to leverage our existing network and target the Asian market. Developing our relationship with Anglo-Asia has been an key factor in the success of that strategy," said Adam Carter, the President and CEO of Amarium. "It is a positive indicator that sales orders are out pacing our regular monthly commitment to Anglo-Asia and speaks to the health of our coal streaming agreement."
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Freeport-McMoRan Copper & Gold (NYSE: FCX) recently announced a notice to redeem on November 15, 2013 at par all of the outstanding McMoRan Exploration Co. 11.875% Senior Notes due 2014 ("Notes"). Approximately $299.2 million aggregate principal amount of Notes is currently outstanding. Holders of record will receive the principal amount together with accrued and unpaid interest from May 15, 2013 to the redemption date. FCX expects to record a gain to net income of approximately $8 million in the fourth quarter of 2013 in connection with the redemption. The Bank of New York Mellon Trust Company, N.A., as trustee, has distributed to the registered note holders written notice of the terms of the redemption.
Southern Copper Corp. (NYSE: SCCO) engages in mining, exploring, producing, smelting, and refining copper and other minerals in Peru, Mexico, and Chile. It is involved in the mining, milling, and flotation of copper ore to produce copper and molybdenum concentrates; smelting of copper concentrates to produce anode copper; and refining of anode copper to produce copper cathodes, as well as refined silver. The company operates the Toquepala and Cuajone mine complexes and the smelting and refining plants, which produce copper with production of by-products of molybdenum, silver, and other material. SCCO closed up slightly on Thursday (10/24/13) on 1.1Million Shares traded by the market close.
Agnico Eagle Mines Limited (NYSE: AEM) recently reported quarterly net income of $47.3 million, or $0.27 per share for the third quarter of 2013. This result includes a non-cash foreign currency translation loss of $6.5 million ($0.04 per share), non-cash stock option expense of $5.2 million ($0.03 per share), and other non-cash and non-recurring expenses of $1.5 million ($0.01 per share). Excluding these items would result in an adjusted net income of $60.5 million, or $0.35 per share. In the third quarter of 2012, the Company reported net income of $106.3 million, or $0.62 per share.
Newmont Mining Corporation (NYSE: NEM) reported preliminary third quarter attributable gold and copper production of 1.283 million ounces and 34 million pounds, respectively. Preliminary attributable gold and copper sales were 1.263 million ounces and 35 million pounds, respectively. Third quarter production was positively impacted by increased mill throughput in Nevada and higher grades and increased mining productivity as a result of efficiency improvements at Tanami in Australia. The Company continues to expect full year 2013 attributable gold production of 4.8 - 5.1 million ounces and has revised its attributable copper production outlook to 135 - 145 million pounds from 150 - 170 million pounds. Gold production is expected to benefit from increased mill throughput in Nevada and the commencement of commercial production from Akyem in the fourth quarter. Attributable copper production for the year has been revised due to lower than expected mill throughput at Boddington and lower than expected ore grade processed at Batu Hijau.
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