NEW YORK North
American Tungsten Corp. Ltd. recorded a net loss in its
fiscal third quarter due in part to tungsten prices that
failed to reach last years levels.
The Vancouver, British
Columbia-based company posted a net loss of Canadian $6.3
million ($6 million) for the three months ended June 30, nearly
triple the C$2.2-million net loss recorded in the same period
last year, on sales that fell 3.6 percent to C$21 million ($20
"The net loss for the
quarter was magnified by the recognition of C$1.8 million ($1.7
million) for employment contract settlements and C$1.8 million
of impairments of property, plant and equipment surplus to the
requirements of the company," North American Tungsten said.
quotations for ammonium paratungstate (APT), the pricing basis
for tungsten concentrates, have risen from a low of $295 per
metric ton unit in December 2012 to $398.50 at June 30, 2013,
and have since moved up to $417.50. However, prices have not
yet reached the level of a year ago," the company said.
Tungsten added that it has undertaken a mill process
improvement project in the fiscal third quarter that will
continue into the second quarter of fiscal 2014.
"The project plan is
to increase the mill throughput to 1,350 tons per day and to
increase the total metallurgical recovery by increasing the
effectiveness of the gravity and flotation circuits. To support
the increased throughput, the company has begun an open-pit
campaign to stockpile ore this summer which will be utilized in
fiscal 2014," it said.