Silvermet

Silvermet Announces Record Production and Sales in 2012

Tracy — Wed, 10 Apr 2013 20:50:38 +0000

Highlights (in US$)

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 (“DMT”) 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.
2012 EBITDA increased by 37% to $4.6 million (at 100%) compared to $3.4 million in 2011, reflecting primarily increased zinc concentrate shipments.
During 2012, Silvermet repurchased and cancelled 4,918,000 common shares under the TSX Venture Exchange approved Normal Course Issuer Bid at an average price of C$0.075.
Silvermet is debt free, cash flow positive and profitable.

Silvermet to Extend Normal Course Issure Bid

Tracy — Mon, 11 Mar 2013 13:42:07 +0000

Silvermet Inc. (“Silvermet” or the “Company”) (SYI – TSXV) announced today that it has filed a Notice of Intention to make a Normal Course Issuer Bid (“NCIB”) with the TSX Venture Exchange, which will extend the current NCIB (March 12, 2012 – March 11, 2013) under which the Company purchased a total of 5,081,000 common shares through the close of trading March 8, 2013 at an average price of $0.075 per common share.

Click here to read more

Befesa Silvermet Joint Venture Arranges $49 Million Project Financing

Tracy — Wed, 27 Feb 2013 16:26:19 +0000

Silvermet Inc. (“Silvermet” or the “Company”) (TSXV: SYI) is pleased to announce that the European Bank for Reconstruction and Development (“EBRD”), has approved a project finance loan of US$49 million, which amount is equal to 70% of the estimated US$70 million cost for the new Adana zinc plant. Closing is subject to completion of documentation and is expected in early April. The project finance facility has a term of 9.5 years, with no repayments during the first twenty-four (24) month construction period.

Click here to read more

Silvermet Reports 2012 Third Quarter Results and Provides an Update on Turkish Operations Expansion Plan

Tracy — Mon, 05 Nov 2012 21:56:24 +0000

Highlights (in US$)

During Q3, 2012, Silvermet’s BST joint venture continued to develop its two new projects in the Adana and Izmir regions of Turkey. Activities during the quarter included:
- Environmental Impact Assessments (“EIA”) for the Izmir and Adana plants are underway with EIA permits expected to be received during the first quarter of 2013.
- Preliminary engineering has been completed and detailed engineering is continuing.
- Long-term contracts for EAFD supply from steel producers are under negotiation, and expected to be signed in Q4, 2012.
- An Engineering, Procurement and Construction (“EPC”) contract is being negotiated and a final EPC contract is expected to be signed in Q1, 2013.
- Tendering from local Turkish and international suppliers has commenced.
Silvermet is debt free, cash flow positive and profitable. At September 30, 2012, it has cash and credit facility receivable of $3.5 million, or $0.022 per common share. This cash position is after having paid a final settlement amount on the fixed and contingent liabilities that had remained owing to the original owners of the Iskenderun plant.
Q3, 2012 sales increased to 4,477 Dry Metric Tonnes (“DMT”) of zinc concentrate, containing 6.5 million pounds of zinc, a 25% increase from the 5.2 million pounds of zinc sold in 2011. The cash cost1 has declined to $0.58 per pound in Q3, 2012, from $0.61 per pound in 2011.
EBITDA in Q3, 2012 increased by 26% to $0.96 million (at 100%) compared to $0.76 million in Q3, 2011, reflecting primarily increased zinc concentrate shipments.

Click here to read more

Silvermet Reports 2012 Second Quarter Results and Announces Resumption of Operations

Tracy — Sat, 11 Aug 2012 01:29:28 +0000

Highlights (in US$)

The highlights of the Company’s Q2, 2012 results include the following (operational figures expressed at 100%):

Silvermet is debt free. At June 30, 2012, it has cash and credit facility receivable of $4.3 million, or $0.027 per common share.
EAFD throughput increased by 24% to approximately 16,000 Dry Metric Tonnes (“DMT”) from approximately 13,000 DMT in Q2, 2011.
Sales volume increased by 69% to 4,693 DMT compared to 2,784 DMT in Q2, 2011, 27% higher than production increases, due to the timing of individual shipments in 2011.
Revenues increased by 27% to $4.9 million (at 100%) compared to $3.8 million in Q2, 2011, as higher sales volume offset lower zinc prices.

Click here to read more

Silvermet Reports Shut Down of Operations

Tracy — Thu, 19 Jul 2012 13:16:33 +0000

Silvermet Inc. (“Silvermet” or the “Company”) (TSXV: SYI) announced today that operations have been halted due to a strike by unionized personnel at the Waelz kiln facility located in Iskenderun, Turkey.

Negotiations with union representatives are continuing. Stephen G. Roman Chairman, President and CEO commented: “We look forward to the resolution of outstanding issues and the resumption of operations. In the meantime, management is moving regularly scheduled maintenance forward to coincide with the current shut down in order to shorten maintenance related shut downs for the remainder of the year. We will provide further updates as warranted by developments.”

Click here to read more

Silvermet Reports Continuing Profits in 2012

Tracy — Thu, 17 May 2012 18:24:25 +0000

Highlights (in US$)

The highlights of the Company’s Q1, 2012 results include the following (operational figures expressed at 100%):

Silvermet is debt free. At March 31, 2012, it has cash and credit facility receivable of $4.0 million, or $0.025 per common share.
EAFD throughput in Q1, 2012 increased by 15% to approximately 15,000 Dry Metric Tonnes (“DMT”) from approximately 13,000 DMT in Q1, 2011.
Production in Q1, 2012 increased by 15% to 3,634 DMT zinc concentrate (containing 67% zinc) compared to Q1, 2011 production of 3,154 DMT.
Sales volume in Q1, 2012 increased by 18% to 4,270 DMT compared to 3,623 DMT in Q1 2011, 3% higher than production increases, due to the timing of individual shipments.
Revenues in Q1 2012 increased by 5% to $5.2 million (at 100%) compared to $5.0 million in Q1 2011, as a result of higher sales volume offset by lower zinc prices.
EBITDA for both Q1, 2012 and Q1, 2011 were approximately $1.1 million, reflecting offsetting effect of increased revenues and increased direct operating costs.

Click here to read more

Silvermet Reports Solid Performance in 2011

Tracy — Wed, 25 Apr 2012 16:05:29 +0000

Highlights (in US$)

All corporate debt has been retired. Silvermet is debt free and with cash and credit facility receivables of $4.1 million at December 31, 2011, or $0.026 per share.
Production in 2011 increased by 33% to 15,328 Dry Metric Tonnes (“DMT”) zinc concentrate containing 69% zinc compared to 2010 production of 11,548 DMT.
Sales volume in 2011 increased by 15% to 14,421 DMT from 12,581 DMT in 2010.
Revenues in 2011 increased by 10% to $17.6 million (at 100%) (Silvermet’s share – $8.6 million) from $15.9 million in 2010.
In 2011 57,000 DMT of EAFD was processed, an increase of 10% from 2010.
In Q1, 2012, Silvermet’s Turkish joint venture company, Befesa Silvermet Turkey (“BST”), signed two purchase agreements to acquire plant sites in the Adana and Izmir Tire organized industrial zones. At the new sites, the BST joint venture intends to build two “state of the art” plants to process 220,000 tonnes of EAFD per year, which will quintuple BST’s production capacity in Turkey.

Click here to read more

Silvermet Announces Normal Course Issuer Bid

Tracy — Wed, 07 Mar 2012 13:24:55 +0000

Silvermet Inc. (“Silvermet” or the “Company”) (TSXV: SYI) announced today that it has filed a Notice of Intention to make a Normal Course Issuer Bid (“NCIB”) with the TSX Venture Exchange.

Under the Normal Course Issuer Bid and subject to regulatory approval, the Company will purchase up to 14,552,872 common shares which number of common shares is equal to 10% of the Company’s public float, over the twelve (12) month period ended March 11, 2013 through D&D Securities Inc.

Click here to read more

Silvermet Reports Record Production & Sales in 2011 – Secures Land for Expansion

Tracy — Wed, 29 Feb 2012 16:33:34 +0000

Highlights

Gross sales revenue in 2011 increased by 13% to $17.9 million (at 100%) from $15.9 million in 2010.
Sales volume in 2011 increased by 15% to 14,421 DMT (Dry Metric Tonnes zinc concentrate) from 12,581 DMT in 2010.
Production in 2011 increased by 33% to 15,328 DMT compared to 2010 production of 11,548 DMT.

Click here to read more