Our Investors
|
|
|
|
|
|
|
|
|
|
|
| Cautionary Statements/Notes |
|
| Conversion Tables & Glossary |
|
|
|
|
Iberian Minerals Corp. Reports Q2 2008 Results |
08/19/2008 |
|
Download this Press Release
|
Toronto, Ontario – August 19, 2008 – Iberian Minerals Corp. (IZN – TSXV)
Iberian Minerals Corp. (“Iberian” or the “Company”) announces the release of
financial results for the second quarter of 2008. A link to the Company's interim
consolidated financial statements for the three and six-month periods ended
June 30, 2008 and 2007 and related Management's Discussion and Analysis is
provided at the end of this release. The Company prepares and files its interim
consolidated financial statements in accordance with Canadian generally
accepted accounting principles (“GAAP”). The currency referred to in this
document is the Canadian Dollar, all holdings in foreign currencies by Iberian or
its subsidiaries have been converted to Canadian Dollars in accordance with
foreign currency translation accounting as disclosed in note 2 (c) of the Q2
2008 unaudited interim consolidated financial statements.
Highlights for the six months ended June 30, 2008
During the six months period ended June 30, 2008 the Company and its
subsidiaries accomplished the following:
1 Acquired Compania Minera Condestable S.A. effective January 31, 2008.
The Condestable Mine has been in continuous production of
copper/gold/silver since 1998. As a result of this acquisition, the Company
became a producing Company.
2 Completed a US$70 million loan facility to fund the construction at the
Minas Aguas Tenidas project. This facility has been fully funded.
3 Completed a US$210 million loan facility to fund the construction at the
Minas Aguas Tenidas project. The first drawdown was done on June 24,
2008
During the first six months of 2008, Iberian continued construction and
development of the Aguas Tenidas project, held by Iberian’s wholly owned
Spanish subsidiary Minas Aguas Tenidas S.A. (“MATSA”) and also completed, (i)
the acquisition of Compania Minera Condestable S.A. (“CMC” or “Condestable”),
an operating copper producing mine, (effective January 31, 2008), (ii) arranged a
US$70 million syndicated loan with Société Générale as the lead lender. This
loan was fully advanced on May 21, 2008. The loan is repayable quarterly in
equal amounts of US$6,363,636 starting August 29, 2008 until fully repaid on
February 28, 2011. The loan bears interest at three months LIBOR plus 2.25%.
The proceeds of this loan were used to fund construction at the Aguas Tenidas
Project (iii) On June 24, 2008, completed a US$210 million Project Finance
Facility (the “Facility”) for the Company’s Aguas Tenidas Project in Spain. The
lead lenders are Investec Bank (UK) PLC, BNP Paribas and Société Générale.
The Facility comprises of three parts: US$170 million as a term facility; US$10
million as a convertible loan; and US$ 30 million as a cost overrun facility. This
Facility is guaranteed by Iberian until the completion date as defined in the
Facility. Note 9 (d) of the unaudited interim consolidated financial statements
detail the terms and repayment schedule.
For the six months ended June 30, 2008, the Company reported a net loss
before taxes in the amount of approximately $131 million. The revenue for the six
months period was approximately $48 million and costs of expenses of mining
operations were approximately $25.6 million, this resulted in a gross margin of
approximately $22.4 million. The major items which contributed to the net loss of
approximately $131 million were the loss on derivative instruments of
approximately 119.4 million; amortization of the mining interest (resulting from the
gross up pertaining to the acquisition of CMC) amounting to approximately $20.4
million and a foreign exchange loss of approximately $5.0 million. The total
remaining expenses amounted to approximately $8.6 million of which the admin
expenses of Iberian and CMC was approximately $5.1 million.
The Company continued construction at its Minas Aguas Tenidas project in
Spain. For the first six months of 2008, the Company spent approximately $114.0
million on the construction of the mine and plant facilities.
To view the Management's Discussion and Analysis, please click the following
link:
http://media3.marketwire.com/docs/IberianMDAQ2.pdf
To view the Financial Statements, please click the following link:
http://media3.marketwire.com/docs/IberianIntQ2.pdf
About Iberian Minerals Corp.
Iberian Minerals Corp. is a Canadian-based global copper and zinc company with
developing and producing interests in Spain, the Aguas Tenidas Project and
Peru, the Condestable Mine. Iberian Minerals Corp. is well-funded with a strong,
experienced management team and a significant partner in its largest
shareholder, Trafigura Beheer B.V.
. To find out more about Iberian Minerals Corp., please contact:
Harvey McKenzie, Chief Financial Officer at 1-416-815-8558
Victoria Vargas, Vice President Investor Relations and Corporate
Communications at
1-416-815-8558
This press release, required by applicable Canadian securities law, is not for
distribution to U.S. news services or for dissemination in the United States, and
does not constitute an offer of the securities described herein. These securities
have not been registered under the United States Securities Act of 1933, as
amended, or any state securities laws, and may not be offered or sold in the
United States or to U.S. persons unless registered or exempt therefrom.
FORWARD LOOKING STATEMENTS:
This news release contains certain “forward-looking statements” and
“forward-looking information” under applicable securities laws. Except for
statements of historical fact, certain information contained herein
constitutes forward-looking statements. Forward-looking statements are
frequently characterized by words such as “plan”, “except”, “project”,
“intend”, “believe”, “anticipate”, “estimate”, and other similar words, or
statements that certain events or conditions “may” or “will” occur.
Forward-looking statements are based on the opinions and estimates of
management at the date the statements are made, and are based on a
number of assumptions and subject to a variety of risks and uncertainties
and other factors that could cause actual events or results to differ
materially from those projected in the forward-looking statements.
Assumptions upon which such forward-looking statements are based
included that transactions will be completed, that all required third party
regulatory and governmental approvals for transactions will be obtained.
Many of these assumptions are based on factors and events that are not
within the control of Iberian and there is no assurance they will prove to be
correct. Factors that could cause actual results to vary materially from
results anticipated by such forward-looking statements include changes in
market conditions and other risk factors discussed or referred to in the
management information circular of Iberian dated November 20, 2007 and
in the annual Management’s Discussion and Analysis for Iberian filed with
the applicable securities regulatory authorities and available at
www.sedar.com. Although Iberian has attempted to identify important
factors that could cause actual actions, events or results to differ materially
from those described in forward-looking statements, there may be other
factors that cause actions, events or results not to be anticipated,
estimated or intended. There can be no assurance that forward-looking
statements will prove to be accurate, as actual results and future events
could differ materially from those anticipated in such statements. Iberian
undertakes no obligation to update forward-looking statements if
circumstances or management’s estimates or opinions should change
except as required by applicable securities laws. The reader is cautioned
not to place undue reliance on forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy
or accuracy of this release.
|
|
|
|