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September 04, 2015 3:48 AM ET

Metals and Mining

Company Overview of Sociedad Minera Corona, SA

Company Overview

Sociedad Minera Corona, SA engages in the exploration and exploitation of mineral rights. It is involved in the production and sale of copper, silver, lead, and zinc concentrates. The company was incorporated in 1993 and is headquartered in Lima, Peru. Sociedad Minera Corona, SA is a subsidiary of Dia Bras Peru S.A.C.

Av. Pedro de Osma 450

Barranco

Lima,  

Peru

Founded in 1993

Key Executives for Sociedad Minera Corona, SA

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

Sociedad Minera Corona, SA Key Developments

Minera Corona Announces Earnings Results for the Second Quarter of 2015

Minera Corona announced earnings Results for the second quarter of 2015. The company increased its profit to $7.2 million from $7 million a year ago even as sales fell to $28.3 million from $31 million.

Sociedad Minera Corona, SA Reports Unaudited Consolidated Financial Results for the Second Quarter and Six Months Ended June 30, 2015

Sociedad Minera Corona, SA reported unaudited consolidated financial results for the second quarter and six months ended June 30, 2015. For the quarter, the company reported net income of $7.2 million, or $0.20 per share, compared to $7.0 million, or $0.19 per share, for the second quarter of 2014. Revenues were $28.3 million compared to $31.0 million in the second quarter of 2014. Adjusted EBITDA was $13.3 million compared to $15.4 million for the same period in 2014. Operating cash flow was $2.7 million compared to $10.5 million for the same period in 2014. Net income was $11.9 million, or $0.33 per share, for the six months ended June 30, 2015 compared to $13.2 million, or $0.37 per share, for the same period in 2014. Revenues were $50.9 million for the six months ended June 30, 2015 compared to $58.9 million for the same period in 2014. The decrease in revenue was due to the decreases in the prices of silver, copper, lead and gold of 18%, 13%, 15% and 7%, respectively, during the first six months of 2015 compared to the same period in 2014,. This was partially offset by a 2% increase in plant throughput and higher head grades and recoveries of silver, resulting in a 17% increase in silver payable ounces. Adjusted EBITDA was $23.6 million for the six months ended June 30, 2015 compared to $28.3 million for the same period in 2014. The decrease in adjusted EBITDA is mainly due to the decrease in revenues. Operating cash flow was $7.3 million for the six month period ended June 30, 2015 compared to $19.3 million for the same period in 2014. The decrease in operating cash flow was due to negative working capital adjustments from the increase in trade receivables and decrease in current income taxes payable and employee profit sharing payable, and the decrease in revenues.

Sociedad Minera Corona, SA Announces Unaudited Earnings and Production Results for the First Quarter Ended March 31, 2015

Sociedad Minera Corona, SA announced unaudited earnings and production results for the first quarter ended March 31, 2015. For the quarter, the company reported revenue of USD 22,569,000 against USD 27,908,000 a year ago. Adjusted EBITDA was USD 10,263,000 against USD 12,913,000 a year ago. Cash flow from operations was USD 4,622,000 against USD 8,842,000 a year ago. Net income was USD 4,693,000 against USD 6,192,000 a year ago. The decrease in revenue was mainly due to the decreases in the prices of silver, copper, lead and gold in first quarter of 2015 compared to first quarter of 2014 of 17%, 16%, 15% and 5%, respectively. This was partially offset by a 2% increase in plant throughput and higher head grades and recoveries of silver which resulted in a 25% increase in silver payable ounces; December 31, 2014. Capital expenditures were USD 2.8 million. For the quarter, the company reported total tonnes processed of 219,969; a 2% increase over first quarter of 2014, silver production of 549,973 ounces; an 11% increase over first quarter of 2014, copper production of 1.7 million pounds; consistent with first quarter of 2014, lead production of 11.7 million pounds; consistent with first quarter of 2014, zinc production of 10.5 million pounds; a 18% decrease over first quarter of 2014 and cold production of 1,587 ounces; an 8% increase over first quarter of 2014.

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