NEW YORK North American
Tungsten Corp. Ltd. posted a Canadian $9.84-million
($9.78-million) net loss for its fiscal year ended Sept. 30, a
36.4-percent improvement from a C$15.48-million loss the
The Vancouver, British
Columbia-based company recorded sales of C$107.52 million
($106.86 million), a 93.2-percent increase from C$55.65 million
the previous year, despite lower second-half tungsten demand
results included a C$16.2-million ($16.1 million) non-cash
impairment charge for the write-down of assets.
North American Tungsten said
that lower demand during 2012 caused ammonium paratungstate
(APT) quotations to fall to around $300 per metric ton unit
from 2011s historic highs of more than $450 per metric
"Although tungsten prices in the
second half of the year were lower, investments made and
actions taken delivered on our goal of developing an
industry-leading tungsten mining and processing operation,"
chairman and chief executive officer Stephen Leahy said in a
The company said it expects
price quotations and product demand to improve during the 2013
calendar year, and it has entered into agreements to sell most
of its anticipated fiscal 2013 production at prices tied to APT
The companys tungsten
concentrate production rose 21.5 percent to 272,586 metric ton
units in fiscal 2012 from 224,279 metric ton units the previous
year, while copper sales soared to 806,843 pounds from 278,977
pounds in the same comparison.
In addition, average
metallurgical recovery reached 76.9 percent for the year, up
from 75.3 percent in 2011, while total ore milled increased to
338,726 tonnes from 321,699 tonnes.
The company outlined capital
expenditures of C$25.2 million ($25 million) to support
long-term operations at its Cantung Mine in the Northwest
Territories. "We believe there is significant potential to
extend the life of the Cantung Mine through underground
development, surface exploration and the tailings pond recovery
project," Leahy said.
Mine developments, which
included the area below the 3,700-foot level, opened access to
new zones, which will facilitate underground exploration, the
company said. "Exploration in and around the open pit is
promising and may add low-cost tonnage."