02.03.2017
Deutsche Rohstoff AG DE000A0XYG76
DGAP-News: Deutsche Rohstoff AG: Almonty signs further fixed price contract
DGAP-News: Deutsche Rohstoff AG / Key word(s): Miscellaneous
Deutsche Rohstoff AG: Almonty signs further fixed price contract
02.03.2017 / 14:20
The issuer is solely responsible for the content of this announcement.
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Deutsche Rohstoff: Almonty signs further fixed price contract
Strong increase of Panasqueira resources/Quarterly results published
Mannheim/Toronto. Almonty Industries has announced today that it entered
into a fixed price contract for the majority of the production at its Los
Santos mine in Spain. The net price to be received under the contract is
USD 192.50 per MTU of contained tungsten, equating to an effective APT
price of USD 240 per MTU, which is 20% above current spot price. This
contract is effective for all material shipped after February 1, 2017.
Almonty also filed an updated NI 43-101 compliant reserve and resource
estimate for the Panasqueira tungsten mine in Portugal. The reserve
estimate of 1,951,000 tonnes at a grade of 0.20% WO3 represents an increase
in the reserve base of over 14% and a 125% increase in inferred resources
to 10.3 million tonnes. In addition, Almonty is continuing its test work on
the large tailings stock piles at the mine, which has been in operation for
over 100 years.
Furthermore, Almonty published unaudited interim consolidated financial
statements for the three months ended December 31, 2016. The company
generated revenues of CAD 7 million (Three months ended December 31, 2015:
CAD 8.2 million). The total loss for the period amounts to CAD 4.5 million
(three months ended December 31, 2015: CAD 5.2 million).
Lewis Black, CEO of Almonty commented: "These results are not reflecting of
the go-forward cost structure and production profile of Almonty. We
determined it was in the best interest of the company to utilize the low
pricing environment and carry out extensive pit development at Los Santos
that dramatically reduced production during Q1 2017. The cash flow profile
of Panasqueira and Los Santos has stabilized during Q2 2017 with the
implementation of fixed price contracts. Production at Los Santos has also
begun to return to normalized levels and we anticipate producing over 7,800
MTU in the month of March. With 80% of our production now under fixed
priced contracts we have stepped away from market pricing which will allow
us to strengthen our balance sheet going forward."
Further details and the full releases can be found here: http://
www.almonty.com/investors/news/
Mannheim, March 2, 2017
Deutsche Rohstoff identifies, develops and divests attractive resource
projects in North America, Australia and Europe. The focus is on the
development of oil and gas opportunities within the United States. Metals,
such as gold, copper, rare earth elements, tungsten and tin complete our
portfolio. For more information please visit www.rohstoff.de.
Contact:
Deutsche Rohstoff AG
Thomas Gutschlag, CEO
Tel. +49 0621 490 817 0
[email protected]
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02.03.2017 Dissemination of a Corporate News, transmitted by DGAP - a
service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
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Language: English
Company: Deutsche Rohstoff AG
Q7, 24
68161 Mannheim
Germany
Phone: 0621 490 817 0
Fax: 0621 490 817 22
E-mail: [email protected]
Internet: www.rohstoff.de
ISIN: DE000A0XYG76, DE000A1R07G4,
WKN: A0XYG7, A1R07G
Indices: Entry Standard (Performance TOP 30)
Listed: Regulated Unofficial Market in Berlin, Dusseldorf, Munich,
Stuttgart, Tradegate Exchange; Open Market (Scale) in
Frankfurt
End of News DGAP News Service
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549805 02.03.2017
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