Almonty Industries Inc. (TSXV:AII) announced the filing of its unaudited consolidated interim financial statements and MD&A. The Company also reported on average grade mined and tungsten recovery over the three months.
As quoted in the press release:
Tungsten concentrate recovery for the three month period ended December 31, 2012 averaged 63.3%, a 5.3% increase over the previous quarter’s recovery rate of 60.0% and culminating in a recovery rate of 64.8% for the month of December 2012, in-line with Almonty’s forecasted 65% recovery rate by calendar year end 2012.
Almonty, CEO, Lewis Black, commented:
we have achieved our minimum targeted tungsten recovery rate on time and below budget. Q1 2013 was our best production quarter yet and we expect to continue our momentum into Q2 2013. Our cash operating costs are continuing to trend down, both in U.S. Dollar and Euro terms, towards our targeted level of $125-$130 per MTU. The Company continues to generate positive cash flow despite weakness in the APT commodity price experienced during Q1. We are starting to see signs of a turning point in the demand for tungsten concentrate and anticipate a more favourable APT commodity pricing environment for the balance of fiscal 2013