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Additional information
Additional Information
Market: ASX, TSX
Sector: General Mining
Epic: ASX-AVM
News: Latest news
Web Site: Anvil Mining
Other Articles: 26-02-201010-08-200910-08-2009 
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Wednesday July 28, 11:30Silver Lake Resources boosts high grade gold resource by 70% to 2.5m ounces

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Thursday July 15, 02:10Henan Yuguang Lead & Gold investment in Kimberley Metals receives all clear from FIRB

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Anvil Mining

Anvil Mining

Anvil Mining is the leading copper producer in the Democratic Republic of Congo, employing more than 2,550 people and had sales revenue of $263 million in 2007.  Copper production is forecast to increase to over 100,000 tonnes of copper per annum by 2011 from its four mining and processing operations.

Friday, March 19, 2010

Anvil Mining turns cash flow positive, forecasts 15,000 tonnes of copper production in 2010

by Ian Mclelland company news image

Africa focused copper producer Anvil Mining (TSX:AVM, ASX:AVM) reported much improved earnings for the fourth quarter of 2009 as it benefited from higher copper prices and increased production at its operations in Katanga Province, north-west Democratic Republic of Congo (DRC).


Net income in the final quarter of the year jumped to $10.9 million, or 9 cents per share, from a net loss in the corresponding quarter in 2008 of $151.2 million, or loss per share of $2.12. Net copper sales rose 69% to $23.5 million while cash flow from operations (before working capital movements) swung to $11.5 million compared to negative cash flow of $26.1 million in Q4 2008.


For the full year, the Toronto and Sydney listed miner recorded a net loss from continuing operations of $17.7 million (18 cents loss per share) on net copper sales of $49.2 million. Cash flow from continuing operations for the full year 2009, before working capital movements, was $0.8 million (1 cent per share). As at March 18, 2010, Anvil had approximately $101.1 million in cash, $18.2 million in available-for-sale investments and $9.5 million of trade receivables, the majority of which it expects to realize during the first half of 2010.


Copper production for the fourth quarter of 2009 and for the full year 2009 totalled 4,970 tonnes and 16,406 tonnes respectively. Anvil currently has one operation, the Kinsevere Heavy Media Separation (HMS) plant, which recommenced operations in March 2009.  During 2009, the plant produced 62,468 tonnes of copper concentrate with an average grade of 26.3% copper (16,406 tonnes of contained copper).


"We are pleased to have returned to profitability. The performance of the Kinsevere HMS plant, combined with an improved copper price, has generated strong cash flows and earnings for the fourth quarter. We continue to maintain a low-cost operation at the Kinsevere HMS plant, with a focus on generating positive cash flow until Kinsevere Stage II becomes operational,” Bill Turner, President and CEO of Anvil, commented, “With the completion of the $200 million financing package with Trafigura in December 2009, the Company is well positioned to complete construction of the Kinsevere Stage II, 60,000 tonne per year SX-EW plant in December 2010 and to commence commissioning during the first quarter of 2011.”


2010 will be an equally crucial year for Anvil Mining, as it invests a further $185 million at Kinsevere completing Stage II of the operations.


"The Kinsevere Stage II project benefits from having the engineering and design work completed, a significant amount of equipment and materials already on site and a large number of work faces providing a great deal of flexibility. With the return of Ausenco as the EPC contractor and Group 5 as the primary construction sub-contractor, we are making good progress with the construction and fabrication works.”

Anvil Mining expects to produce approximately 15,000 tonnes of copper in 2010.

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