Month: February 2014

Primero Mining Corp. today reported financial and operational results for the fourth quarter and year ended December 31, 2013. Despite the commodity price decline in 2013 it was a successful year for Primero, with record production driving an increase in revenue over 2012. The Company reported record revenues of $200.3 million and strong adjusted net earnings1 of $38.7 million ($0.36 per share) in 2013.

Teck Resources Limited reported annual adjusted profit attributable to shareholders of $1.0 billion, or $1.74 per share, compared with $1.8 billion or $3.03 per share in 2012. Fourth quarter adjusted profit attributable to shareholders was $227 million, or $0.40 per share, compared with $409 million, or $0.70 per share, in the fourth quarter of 2012.

Agnico Eagle Mines Limited today reported a quarterly netloss of $453.3 million, or a net loss of $2.61 per share for the fourth quarter of 2013. This result includes, a non-cash after tax impairment loss of $436.3 million ($2.51 per share), a non-cash deferred tax charge (primarily related to a new Mexican mining tax law enacted in the fourth quarter of 2013) of $47.2 million ($0.27 per share), a non-cash impairment loss on available for sale securities of $10.2 million ($0.06 per share), a non-cash stock option expense of $4.3 million ($0.02 per share), other non-recurring expenses of $5.7 million ($0.04 per share), and a non-cash foreign currency translation gain of $6.2 million($0.04 per share). Excluding these items would result in adjusted net income of $44.2 million ($0.25 per share) for the fourth quarter of 2013. In the fourth quarter of 2012, the Company reported net income of $82.8 million or $0.48 per share.

Further to the Company’s news releases of November 7, 2013 and January 22, 2014, the Company advises that it has agreed to final terms regarding its private placement with Global Resources Investments Ltd. The Company will be seeking to raise $1,200,000 through the sale of 20,000,000 common shares at $0.06 per share.

Del Toro has initiated a “rebranding” program in order to best align its focus and goals with a new market image. The program will consist of a Company name change, new logo, new website and an associated investor relations campaign. Management believes such a program will enhance market awareness of the Company and provide a fresh start to facilitate the anticipated growth of the Company in 2014 and the future.