Vancouver-based Mercator Minerals has amended its financial statements for the second and third quarter to reflect a mistake reported earlier this month, as well as further changes identified since then, the company said on Monday.
Mercator said on November 18 it had found an error related to copper revenue recognition, which would lower revenue and profit for the third quarter.
The firm has since also made additional amendments to the second- and third-quarter statements to account for the non-cash accounting effects of its copper hedging programme entered into during the second quarter, it said on Monday.
The changes resulted in increased net earnings for the second quarter to $23,43-million, compared with the previously reported $2,88-million.
However, third-quarter net earnings have been adjusted to a $75,88-million net loss, from the $10,68-million initially reported.
The company had said in its November 18 statement that third-quarter net-income would be revised down to $3,49-million.
Mercator operates the Mineral Park copper/molybdenum operation in Arizona and also has a copper project in Mexico.
The company reiterated that the changes had no effect on production figures.
Shares in Mercator declined 0,6% on Monday, to C$3,35 apiece by 16:00 in Toronto.
Source:miningweekly
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