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 million).
"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.
"Average market 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.
North American 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.