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PrintResults for the six months ended 30 June 2010
Metal-Tech, the producer and recycler of speciality metals such as Tungsten and Molybdenum, announces results for the six months ended 30 June 2010.
Financial Summary:
· Revenue increased to US$21.3m (H1 2009: US$20.4m), despite sales only coming from Tungsten products
· Net loss reduced to US$5.4m (H1 2009 US$7.7m)
· Loss per share of US$0.14 (H1 2009: US$0.18 loss)
· Operating expenses reduced 20% to US$2.7m (H1 2009: US$3.4m)
· Bank debt reduced to US$26.2m at 30 June 2010 from US$27.9m at 30 June 2009
· Cash generated from operations in H1 2010 of approximately US$0.7m (H1 2009: US$4.5m)
· Cash, cash deposits and restricted cash balance at 30 June 2010 were US$8.2m (30 June 2009: US$13.2m)
Operational Summary:
· Tungsten sales increased 83% to US$21.3m (H1 2009: US$11.6m) as demand increased and the Company focused its efforts on major international markets
· Increased market share and expanded customer portfolio with the addition of three significant new customers
· Increased recycling and production capacity in Israel to match the enlarged market demand at lower operating costs
· Recently agreed on the key principles for cooperation with an Asian producer with the intention of developing a co-production arrangement using the Company's surplus plant and machinery by year-end
· Testing of a pilot scale facility to recover valuable metals from mining waste, which utilises the Company's in-house hydrometallurgical technology, in association with a leading mining company, which continues on schedule in Israel
· Discussions with our partners in Mongolia to restore Molybdenum raw material supplies at an economic cost continue at a slow pace
· In January 2010, the Company filed a Request for Arbitration against the Republic of Uzbekistan related to that country's unlawful treatment of Metal-Tech's 50 per cent. investment in UzMetal-Technology
Outlook for H2 2010:
· Increased demand for Tungsten expected to continue with a significantly higher pipeline of orders for H2 2010, as key global end-user industries (automotive, drilling, cutting tools, aviation etc) recover
· Tight cost control will be maintained throughout the Company's activities
· Recycling opportunities including novel processing of spent oil refinery catalysts (which contain economic amounts of Tungsten and Molybdenum) will be expanded
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