Starting to look good....Mercator Minerals Reports an Increase of 61% in Revenues on Record Copper and Molybdenum Production in Second Quarter 2011
Last Update: 8/15/2011 8:37:03 PM
VANCOUVER, BRITISH COLUMBIA, Aug 15, 2011 (Marketwire via COMTEX) -- Mercator Minerals Ltd. (ML) -
(All financial information prepared in accordance with International Financial Reporting Standards ("IFRS"); all amounts in US$ unless otherwise specified)
Mercator Minerals Ltd. ("Mercator" or the "Company") today announced its revenues for second quarter 2011 of $72.4 million, an increase of $27.6 million or 61% the second quarter 2010. Earnings from operations for the second quarter 2011, was $17.8 million or nearly 25% of total revenues, which is 82% greater than the second quarter of 2010. Net income for the second quarter 2011 was $23.6 million or
.12 per share on a basic basis.
"Record production at our Mineral Park mine of 11.2 million pounds of copper and 1.8 million pounds of molybdenum for the quarter, or respectively 24% and 100% greater than the same quarter in 2010 was the main contributing factor, said Bruce McLeod, President and Chief Executive Officer. "I am very pleased the performance of our team at the mine and we expect to achieve further production records as we near completion of the Phase 2 expansion to a 50,000 ton per day run-rate."