September 16, 2014 6:26 PM ET

Metals and Mining

Company Overview of Sociedad Minera Corona, SA

Company Overview

Sociedad Minera Corona SA engages in the exploration, extraction, processing, and sale of lead, copper, silver, zinc, and oxide concentrates primarily in Lima. It also operates a hydroelectric plant in Huarochiri and engages in the generation and marketing of electrical energy. Sociedad Minera Corona was incorporated in 1993 and is based in Lima, Peru. As of May 26, 2011, Sociedad Minera Corona, SA operates as a subsidiary of Dia Bras Explorations Inc.

Avenida Pedro de Osma 450

Barranco

Lima,  

Peru

Founded in 1993

Phone:

51-14-251-8006

Fax:

51-14-251-8006

Key Executives for Sociedad Minera Corona, SA

Sociedad Minera Corona, SA does not have any Key Executives recorded.

Sociedad Minera Corona, SA Key Developments

Sociedad Minera Corona, SA Announces Unaudited Earnings and Operating Results for the Second Quarter and Six Months Ended June 30, 2014

Sociedad Minera Corona, SA announced unaudited earnings and operating results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported revenue was $31 million against $27.27 million a year ago. The increase in revenues for the second quarter of 2014 compared to the second quarter of 2013 is mainly as a result of the higher lead head grades, higher silver and lead recoveries and a higher volume of mineral sold. This was partially offset by the decrease in the commodity prices compared to 2013. Cash flow from continuing operations was $10.49 million against $2.68 million a year ago. Net income of $7.0 million or $0.194 per share for the second quarter of 2014 compared to $1.8 million or $0.051 per share for the same period in 2013. Adjusted EBITDA of $15.4 million for the second quarter of 2014 compared to $11.4 million for the same period in 2013. The increase in adjusted EBITDA for the second quarter of 2014 compared to the second quarter of 2013 is mainly due to the increase in revenues and higher gross margins recorded during the period. For the six months, the company reported revenue was $58.9 million against $60.55 million a year ago. Cash flow from continuing operations was $19.34 million against $3.49 million a year ago. The increase in operating cash flow is mainly the result of the higher revenues and gross margins and a $8.5 million positive impact on working capital driven by lower payments of workers' profit sharing and taxes in 2014. Net income of $13.2 million or $0.366 per share and $11.0 million or $0.305 per share for the six months ended June 30, 2014 and 2013, respectively. Adjusted EBITDA of $28.3 million and $28.6 million for the six months ended June 30, 2014 and 2013, respectively. The company reported silver (Ag) production of 479,254 oz in the second quarter of 2014 compared to 481,058 oz for the same period in 2013. Copper ("Cu") production of 1.8 million pounds ("lb") in the second quarter of 2014 compared to 1.7 million lb for the same period in 2013. Lead ("Pb") production of 11.2 million lb in the second quarter of 2014 compared to 9.4 million lb for the same period in 2013. Zinc ("Zn") production of 13.5 million lb in the second quarter of 2014 compared to 12.1 million lb for the same period in 2013. Gold ("Au") production from the Yauricocha Mine was 1,480 oz in the second quarter of 2014 and 1,800 oz for the same period in 2013. The company reported silver (Ag) production of 973,548 oz and 955,660 oz for the six month period ended June 30, 2014 and 2013, respectively. Copper ("Cu") production of 3.5 million pounds ("lb") and 3.9 million pounds ("lb") for the six month period ended June 30, 2014 and 2013, respectively. Lead ("Pb") production of 22.9 million pounds ("lb") and 17.8 million pounds ("lb") for the six month period ended June 30, 2014 and 2013, respectively. Zinc ("Zn") production of 26.2 million pounds ("lb") and 25.2 million pounds ("lb") for the six month period ended June 30, 2014 and 2013, respectively. Gold ("Au") production of 2,954 oz and 3,398 oz for the six month period ended June 30, 2014 and 2013, respectively.

Sociedad Minera Corona, SA Announces Unaudited Financial and Production Results for the First Quarter Ended March 31, 2014

Sociedad Minera Corona, SA announced unaudited financial and production results for the first quarter ended March 31, 2014. For the quarter, the company reported revenue of $27.908 million against $33.285 million a year ago. Adjusted EBITDA was $12.913 million against $17.216 million a year ago. Cash flow from continuing operations was $8.842 million against $0.809 million a year ago. The increase in operating cash flow mainly resulted from a $9.2 million positive impact on working capital driven by lower payments of worker's profit sharing and taxes in 2014. The decrease in revenue was mainly driven by lower commodity prices. Silver production of 494,294 oz in the first quarter of 2014 compared to 474,601 oz for the same period in 2013. Copper production of 1.7 million pounds in the first quarter of 2014 compared to 2.2 million lb for the same period in 2013. Lead production of 11.7 million lb in the first quarter of 2014 compared to 8.4 million lb for the same period in 2013. Zinc production of 12.7 million lb in the first quarter of 2014 compared to 13.0 million lb for the same period in 2013. Gold production from the Yauricocha Mine was 1,474 oz in the first quarter of 2014 and 1,598 oz for the same period in 2013.

Sociedad Minera Corona, Sa Reports Unaudited Earnings and Production Results for the Fourth Quarter and Full Year Ended December 31, 2013

Sociedad Minera Corona, SA reported unaudited earnings and production results for the fourth quarter and full year ended December 31, 2013. For the quarter, the company reported net income attributable to shareholders was $1,810,000 or $0.050 per share on revenue of $23,698,000 against net income attributable to shareholders of $6,989,000 or $0.194 per share on revenue of $35,989,000 a year ago. Adjusted EBITDA was $9,033,000 and cash Flow from continuing operations was $9,953,000 against adjusted EBITDA of $15,317,000 and cash flow from continuing operations of $14,570,000 a year ago. The net income in the fourth quarter includes a charge of $1.8 million from negative settlements on provisionally priced concentrate revenues earlier in 2013 and a severance charge of $0.3 million as part of the implementation of cost reduction programs. Revenues in the quarter were impacted by an increase in inventories caused by a stronger production rate than budget in December 2013. For the year, the company reported net income attributable to shareholders was $17,703,000 or $0.464 per share on revenue of $106,175,000 against net income attributable to shareholders of $51,083,000 or $1.42 per share on revenue of $149,566,000 a year ago. Adjusted EBITDA was $47,234,000 and cash Flow from continuing operations was $17,703,000 against adjusted EBITDA of $81,350,000 and cash flow from continuing operations of $50,551,000 a year ago. The adjusted EBITDA generated by Corona during 2013 was negatively impacted primarily by the decrease in the commodity prices and lower metal production driven by higher dilution in head grades at Yauricocha. The decrease in operating cash flow during 2013 compared to 2012 was mainly driven by lower adjusted EBITDA and a prepayment of current taxes for $3.3 million which will be used to offset tax payments during 2014. For the quarter, the company reported silver production of 463,964 oz in the fourth quarter of 2013 compared to 547,114 oz for the same period in 2012. Copper production of 1.2 million pounds (lb) in the fourth quarter of 2013 compared to 2.2 million lb for the same period in 2012. Lead production of 11.0 million lb in the fourth quarter of 2013 compared to 8.6 million lb for the same period in 2012. Zinc production of 13.4 million lb in the fourth quarter of 2013 compared to 13.8 million lb for the same period in 2012. Gold production from the Yauricocha Mine was 1,665 oz in the fourth quarter of 2013 and 2,181 oz for the same period in 2012. For the year, the company reported silver production of 1,866,769 oz in 2013 compared to 2,143,972 oz for the same period in 2012. Copper production of 6.5 million lb in 2013 compared to 9.0 million lb for the same period in 2012. Lead production of 37.1 million lb in 2013 compared to 35.2 million lb for the same period in 2012. Zinc production of 50.8 million lb in 2013 compared to 49.9 million lb for the same period in 2012. Gold production from the Yauricocha Mine was 6,736 oz in 2013 and 10,491 oz for the same period in 2012.

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