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The following are highlights
of the significant changes during 2017 and the two year period then ended:
sale of antimony during 2017 was 1,891,439 pounds compared to 2,936,880
pounds in 2016, a decrease of 1,045,441 pounds (36%).
average sales price of antimony during 2016 was $2.98 per pound compared
to $4.01 during 2017, an increase of $1.03 per pound (35%). During the
beginning of 2018, the Rotterdam price of antimony is approximately
$3.75 per pound.
metallurgical problem with the Los Juarez concentrates has been solved
with cyanide and caustic leach plants, and pilot mining, milling, and
smelting will resume. This will put the Puerto Blanco mill in operation
during 2018. During 2017 and 2016, the Puerto Blanco mill was operating
at less than 10% of capacity.
net loss per pound of antimony was $0.94 in 2017 even though the price
increased $1.03 per pound from 2016. The net loss per pound in 2016 was
$0.74 per pound.
- Our cost of goods
sold for antimony decreased from $9,168,697 in 2016 to $8,145,846 in
2017. This was primarily due to the decrease in raw material from
the years ended December 31, 2017 and 2016, costs of goods sold include
operating and non-operating production costs from Mexico operations.
cost of production for the years ended December 31, 2017 and 2016
included metallurgical testing at Puerto Blanco and Madero, Mexico, and
to a lesser degree, our plant in Thompson Falls, Montana.
- We are
producing and buying raw materials, which will allow us to ensure a
steady flow of products for sale. Our smelter at Madero, Mexico, was
producing primarily from concentrates from Australia in 2016. Production
from Madero during 2017 was primarily from our own Mexican properties,
and we purchased a significant portion of the raw materials for our
smelter in Montana.
- We are
proceeding with the testing of the Los Juarez ore in the 100 ton per day
mill at Puerto Blanco. A 400 ton per day flotation mill is permitted and
is partially installed. This mill will be dedicated to processing rock
from the Los Juarez mining property. We have adequate crushing capacity
in place to feed the 450 ton per day mill and the existing mill.
principal smelter, precious metals recovery operation, and our Company
headquarters remain in Montana.
2017, BRZ sold 12,377 tons compared to 13,143 tons in 2016, down 766
tons (6%). BRZ realized a net income of $331,472 in 2017 after
depreciation of $222,729 compared to a net income of $233,907 in 2016
after depreciation of $213,868. Production efficiency at the plant in
Preston, Idaho, increased in 2017 due to repairs and new equipment.
Sales activity in the early part of 2018 includes a number of new
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