West Fraser Timber Co. Ltd. was down 3 per cent early Tuesday, adding to the 2 per cent lost yesterday as it reported earnings for the third quarter of 2011 from continuing operations of $6-million or basic earnings per share of $0.14 on sales of $705-million. These figures compared to $49-million or $1.15 on sales of $707-million in the previous corresponding period. In the quarter the company completed the sale of its Eurocan deep-sea wharf which contributed to earnings after discontinued operations of $37-million or $0.87 per share compared to $48-million or $1.12 in the third quarter of 2010. After adjusting for certain non-operational items, adjusted earnings from continuing operations were $3-million or $0.06 per share compared to $47-million or $1.08 in the year earlier period. "Political and economic turmoil has increased global risk and uncertainty and may further delay the recovery of our key U.S. housing market," said Hank Ketcham, chairman, president and CEO. "We plan on completing our previously-announced capital program and will continue to focus on cost control which will enable us to take full advantage of the eventual market recovery."
Alacer Gold Corp. was adding to the 45 cents or 4 per cent it gained yesterday on news it has approved a $25-million budget for the first stage of expanding its South Kalgoorlie Operations. It said this approval to proceed will fund ongoing underground mining feasibility work, ordering long-lead time items for a new 2.5 million tonne per annum treatment plant and proceeding with cutbacks of the HBJ North and Mt Martin open pits. Among highlights, it said the new SKO Mineral Reserve of 761,000 ounces represents a 96 per cent increase over the previously published reserve of 389,000 ounces and takes into account mining depletion of 164,000 ounces subsequent to the release of the previous reserves.
Mirabela Nickel Ltd. was up another 3 per cent early Tuesday, adding to the 9 cents or 6 per cent it rose yesterday as it announced its unaudited third-quarter results for the period that ended Sept. 30. Highlights included record production of nickel in concentrate for the quarter of 4,605 tonnes; record sales of nickel in concentrate for the quarter of 4,228 tonnes; a 15 per cent decrease in unit cash costs for the quarter to $6.71 (U.S.) per pound and expected to continue to decrease further during the fourth quarter; record total mining material movement of 10.4 million tonnes and ore production of 1.7 million tonnes; record processing plant performance with mill throughput of 1.4 million tonnes for the quarter at an average nickel recovery of 62 per cent. It said processing plant upgrade to 7.2 million tonnes per annum remains on budget and ahead of schedule and cash on hand and on deposit was $117-million (U.S.) at quarter end.
EnWave Corp. jumped as much as 13 per cent after announcing today that it has signed a technology evaluation and license option agreement with Ocean Spray Cranberries Inc. to test EnWave's nutraREV food dehydration technology. The industrial technology company said the agreement provides a period of up to 18 months for Ocean Spray to develop and test market dried cranberries, with an option to license the nutraREV technology at the end of this period for global production
Canfor Pulp Products Inc. announced its third-quarter 2011 results as well as the results of Canfor Pulp Ltd. Partnership in which CPPI has a 49.8 per cent ownership. CPPI reported net income of $8.3-million or $0.23 per share, representing CPPI's share of the Partnership's income less an income tax provision of $3.7-million.
The Partnership reported sales of $233.9-million and net income of $23.9-million or $0.33 per unit, for the quarter ended Sept. 30. The Partnership generated EBITDA of $49.6-million in the quarter. In the quarter, the Partnership generated distributable cash of $26.4-million, or $0.37 per unit. The Partnership results were impacted by lower market pulp prices and a planned outage at the Northwood Pulp Mill, partially offset by improved paper segment earnings. A record daily production rate was achieved on the paper machine during the quarter.
Ur-Energy Inc. announced today that it has entered into a strategic marketing arrangement with NuCore Energy, LLC. The company said that under the agreement, NuCore will provide uranium marketing advisory and professional services and exclusively negotiate uranium sales agreements for the production derived from the company's Lost Creek uranium ISR project.
PetroMagdalena Energy Inc. announced that it has discovered a new light oilfield with the Copa A Sur-1 exploration well, located at short distances to the north and south of the Copa AS-1 well. The oil company said the new well discovery "will add to our production growth for the balance of the year and into 2012, and it increases the chances of additional discoveries on the Copa trend in the Cubiro block, our core producing asset in Colombia."
Pitchstone Exploration Ltd. announced that its summer exploration program of core drilling on two eastern Athabasca Basin properties has been completed as planned. Drilling was completed on Pitchstone's 100 per cent owned Gumboot property, and on the Wolverine property that was optioned in early 2009 to the Japan Oil, Gas and Metals National Corporation.
Rio Verde Minerals Development Corp. announced the results of an independent National Instrument 43-101 Technical Report completed on its 100 per cent owned Fosfatar phosphate projectlocated in the northeastern region of Brazil. The two targets studied in the report are the Sapucaia Phosphate Target and the Boa Vista Phosphate Target. The NI 43-101 Technical Report concluded that the mineral resource estimate for Sapucaia and Boa Vista is approximately 1.93 million tonnes, with an average grade of approximately 19 per cent P2O5 (using a 3 per cent P2O5 cut-off).
SelectCore Ltd. announced today the development of its point-of-sale age verification software solution. The prepaid telecom and financial services transaction processor said its software quickly and accurately provides age verification at the point of sale in real-time to ensure compliance relating to the purchase of age-restricted products such as tobacco or alcohol.