We do not anticipate the recent changes at AMAK
to be reflected in our fourth quarter 2014 financial results.
0 million was recorded for the additional equity issuance by AMAK
had no shipments in the first quarter of 2014 which caused a decrease in our share of AMAK
's earnings and therefore, a decrease in net income.
Adjusted EBITDA which removes the effects of AMAK
for comparative purposes for the fourth quarter of 2013 was $6.
We are pleased that for the first full calendar year of production, AMAK
exceeded initial budget plans for both running time and mill throughput.
The SIDF has performed extensive due diligence on the mine, and their advancement of the loan funding is confirmation of the viability of the AMAK
Fluctuations in the mix of ore recovered may be seen going forward as AMAK
is still processing a mixture of development ore which varies in grade significantly as different tunnels and rooms are built near the main ore bodies.
0 million primarily due to the additional equity purchased in AMAK
Given current, low commodity prices, AMAK
believes it is an appropriate time to temporarily close the operations to preserve the assets in the ground while improving efficiencies and optimizing operations to the point of being profitable even at current prices," said Mr.
Together they started building the current AMAK
The USdollar USD200 million mine will have an estimated annual output of 700,000 tonnes of sulphide ore, which will include 34,000 tonnes of copper concentrate, 54,000 tonnes of zinc concentrate, 193,000 ounces of silver and 7,600 ounces of gold, according to AMAK
Summary: Total Bridge Loan is $85 Million; AMAK
Has Received an Initial $35 Million to Utilize While Pre-Closing Conditions for Permanent Financing are Being Met .