Montreal-based zinc miner Dia Bras has announced a fall in zinc production at it Bolivar pilot mine in Mexico.
Output for the year fell by 7.29% to 17,686,209 pounds. The average price per pound received fell from 85c to 75c. Copper output fell further – by almost 19 % to 3,854,688 pounds at an average price received down by 26% from $3.15 to $2.33 a pound.
“At this point, the working capital position of the Corporation has improved dramatically”, said Daniel Tellechea, President and CEO of Dia Bras, “standing at a positive $3.1 million (US$ 2.9 million) versus a negative $7.4 million (US$6.1 million) at the end of 2008. And inside of our net positive working capital are old liabilities of EXMIN, assumed in September, 2009, amounting to $890,000 (US$851,000), which we are committed to dealing with in 2010. During 2009, the Corporation raised $12.4 million (US$10.8 million) and invested approximately $10.2 million (US$9 million) of that in working capital, equipment and development of our mines, etc., yet we see a dramatic increase in working capital, a reflection of our improved operations and cost cutting.”
Zinc grades increased by 25.7% and copper grades by 9.7%, to 10.06% and 1.81% respectively.
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