This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here



    For the quarter ended                                       March 31
    In millions of US dollars except where noted            2011        2010
    Revenues                                           $   476.1   $   346.3
    Cost of sales excluding depletion, depreciation
     and amortization                                      157.1       145.1
    Depletion, depreciation and amortization                80.5        70.0
    General and administrative expenses                     27.4        25.3
    Exploration expenses                                     6.5         6.7
    Operating Earnings                                     212.7       111.5
    Equity earnings form Alumbrera                          11.7        11.6
    Adjusted earnings                                      152.2        75.9
    Adjusted earnings per share                             0.21        0.10
    Cash flow generated from operations after changes
     in working capital                                    228.9       141.4
      Per share                                             0.31        0.19
    Cash flow generated from operations before changes
     in working capital                                    282.3       163.1
      Per share                                             0.38        0.22
    Average realized gold price per ounce              $   1,387   $   1,114
    Average realized silver price per ounce            $   33.99   $   17.07
    Average realized copper price per pound            $    4.28   $    3.25


    For the quarter ended                                       March 31
                                                            2011        2010
    Total gold equivalent ounces - produced              267,368     239,838
      Gold produced                                      221,489     190,663
      Silver produced (millions of ounces)                   2.3         2.7
    Total gold equivalent ounces - sold                  265,500     247,035
    Total copper produced - Chapada (millions of
     pounds)                                                38.5        29.7
    Total copper sold - Chapada (millions of pounds)        29.7        29.1

    For the quarter ended
    March 31
                                                            2011        2010
    Co-product cash costs per gold equivalent ounce    $     449   $     423
      Cash cost per pound of copper - Chapada          $    1.21   $    1.24
    By-product cash costs per gold equivalent ounce    $      14   $      86


Revenues were $476 million in the first quarter from the sale of 208,135 ounces of gold, 2.3 million ounces of silver, and 29.7 million pounds of copper compared with $346 million in the same quarter of 2010. Sales quantities for the quarter were lower than production particularly in copper resulting in an increase in inventory at the end of the quarter which will positively impact earnings in the second quarter.

Adjusted Earnings were $152 million or $0.21 per share, an increase of 110%, in the first quarter of 2011 compared with $75.9 million or $0.10 per share in the same quarter of 2010.

Net earnings for the quarter were $148 million compared with net earnings of $132 million for the first quarter of 2010, which included earnings from discontinued operations of $7.4 million. Earnings per share were $0.20 on a basic and diluted basis for the first quarter of 2011, compared with basic and diluted earnings per share of $0.18 for the same quarter in 2010.

Cash flow generated from operations before changes in working capital were $282.3 or $0.38 per share compared with $163.1 million for the first quarter of 2010, which has been restated to reflect the composition of the revised measure for cash flows under IFRS.

The increase in cash flows generated from operations was primarily due to an increase in metal prices generating higher sales revenues, lower cash costs after credits and positive pricing adjustments for copper in concentrate.

2 of 19

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!


DOW 18,034.93 +208.63 1.17%
S&P 500 2,100.40 +19.22 0.92%
NASDAQ 4,994.6020 +62.7870 1.27%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs