- Trevali Mining (TV) has posted its 2020 second quarter financials, with the company falling in production numbers but improving its losses
- The zinc miner saw second quarter production numbers fall 37 per cent for the quarter, from 105.2 million pounds last year to 65.8 million pounds this year
- This led to a 48 per cent revenue dip, falling from $82.29 million last year to $42.68 million this year
- However, the company improved its quarterly net loss from $31 million last year to $19.38 million this year
- Trevali Mining (TV) is up 18 per cent today and is trading at 13 per share
Trevali Mining (TV) has posted its 2020 second quarter financials, with the company falling in production numbers but improving its losses.
The company’s production numbers showed Trevali produced 65.8 million pounds of zinc during the quarter, a 37 per cent reduction on last years number of 105.2 million pounds.
The company’s lead production fell 59 per cent from 11.4 million pounds in 2019 to 4.7 million pounds this year
Silver production also fell, going from 300,000 ounces produced last year to just 100,000 ounces this year.
These production falls saw a dip in revenue, going from $82.29 million last year to $42.68 million this quarter, a fall of 48 per cent.
Trevali also revealed a fall in global zinc prices during the quarter impacted its figures, despite its Perkoa, Rosh Pinah and Santander mines all currently working at full production.
These factors resulted in a net loss of $19.38 million for the quarter, an improvement on a net loss of $31 million in last year’s comparative quarter.
President and CEO of Trevali Mining, Ricus Grimbeek said the pandemic continued to have a significant impact on the globe, but that the company has optimised its business to reduce costs and COVID-19 related impacts.
“We’ve removed $37 million of discretionary spending for the year and the acceleration of the T90 program is firmly in place to sustainable reduce our all-in-sustaining cost per pound of zinc to 90 cents bay the beginning of 2021.
“As a result of these decisive actions, we’ve reissued our 2020 guidance which highlights significantly lower costs for the second half of the year and safe stable production as we continue to progressively implement initiatives under the T90 program.
“Subsequent to to quarter end we were pleased to announce that Trevali has secured additional liquidity of $45 million of which $25 million is… from our existing lending syndicate… and a new $20 million credit facility has been established with Glencore, our largest shareholder and partner,” he said.
Trevali Mining (TV) is up 18 per cent and is trading at $0.13 per share at 2:20 pm EDT.