In breaking news Friday, first quarter results came in for Mercator Minerals (TSX: T.ML, Stock Forum), including a net loss
of $10.6 million or 11 cents per share, after the accrual for interest and interest payments of $3.45 million and $1.75 million in non-cash items.
Last quarter’s net loss compares to a loss of $1.09 million or one cent per share for the same quarter of 2008.
Shares of Mercator were 1.2% higher to $1.67 Friday.
For the first quarter of 2009, during the commissioning of the first stage of the mill expansion to a 25,000 ton per day milling operation at the Mineral Park Mine in Arizona, the company recorded cathode copper production of 1,175,128 pounds, compared to the 2,472,688 pounds for the same quarter last year.
The company also reported first production of 2,306,308 pounds of copper in concentrates, 94,094 pounds of molybdenum and 12,240 ounces of silver in the quarter.
Revenues from copper, moly and silver sales and sale of landscaping materials for the quarter were $6.34 million compared to $7.74 million for Q1 2008.
"The first quarter of 2009 marked a significant change in the Company's production status, with the shipment of the first concentrates from the newly constructed mill at our Mineral Park Mine in Arizona," said Michael L. Surratt, Mercator’s president and CEO.
"We continue to ramp up production levels and continued to exceeding design throughput. We expect the second quarter of 2009 to be an outstanding one for the Mineral Park Mine and for Mercator,” Surratt added.
On the company’s Bullboard, intowin commented on the results, saying: If they can maintain those production #'s through May & June, Q2 will be a stellar one. The company has turned the corner as of April. Much higher SP expected if copper & moly continue their climb[sic].”
Meanwhile, in a post entitled “Cautious optimism”, HARJAY said: “Not huge vol. out the gate but a cautious uptrend in the price. I guess people are still interpreting the No's. We need higher copper and molly prices to elevate the S/P .Still as long as the trend is up its setting the stage for much higher price in the future.”
And mzsmith replied: “caution is correct... I have a feeling with the low volume that this news was already baked in. Today's trading volume so far is completely different than the trading for the past few weeks. The spike this morning was on very low volume and by the looks of it... just retail investors. I agree ML prospects look great, but we may get a pull back now that the news is out. Also sell in May and go away sentiment too...The good news is this will likely present some good buying opportunities for the longs here.”
