Cash and cash equivalents as at March 31, 2011 were $460 million, representing an increase of $130 million since December 31, 2010.
In the three months ended March 31, 2011, production of gold equivalent ounces (GEO) totaled 267,368 compared with 239,838 GEO in 2010, representing a quarter-to-quarter increase of 11%.
In the first quarter, copper production of 38.5 million pounds from Chapada increased by 30% over production of 29.7 million pounds in the first three months of 2010. Additionally, 7.1 million pounds of copper produced from Alumbrera were attributable to the Company in the first three months of 2011, compared to 11.8 million pounds in the same quarter of 2010.
For the quarter, by-product cash costs from operations were $14 per GEO, an 84% decrease from the $86 per GEO in the same period in 2010. By-product cash costs take into account the natural hedge of by-product metal prices for the Company's production cost structure. By-product credits inherently offset mining inflation during periods of high metal prices. The Company believes that by-product cash costs are a better representation of its cost structure. Lower by-product cash costs compared to last year reflect strong cost containment and strong copper prices which mitigated cost pressures due to mining industry inflation and the appreciation of currencies in the countries where the Company's mines are located.Average co-product cash costs for the quarter were $449 per GEO. This compares to co-product cash costs of $423 per GEO for the quarter ended March 31, 2010. The increase in average co-product costs was mainly due to the strengthened exchange rates for the Brazilian Reais and Chilean Pesos. Co-product cash costs per pound of copper were $1.21 for the quarter from Chapada, compared with $1.24 in the first quarter of 2010. Co-product cash costs per pound of copper including the Company's interest in the Alumbrera mine, were $1.31 per pound of copper, compared with $1.14 for the same quarter in 2010.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV