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Discovery Metals Reports Negative Cash Flow of US$38.26m for the 31 December 2012 Quarter

31 Jan 2013  |  15:19:00  |  Associate analysts  |  Increase  |  Decrease  |  

Original announcement: Quarterly Activities and Cashflow Reports

Discovery Metals reported negative cash flow of US$38.26m for the quarter ended 31 December 2012. Operating cash flow for the period was US$(21.13m). Payments for exploration and evaluation were US$(4.01m). Investing cash flow was nil. Financing cash flow was US$(17.14m). Cash in hand at the end of the quarter was US$48.11m. Following the start of commissioning in June 2012, the Boseto copper project ramp up is progressing towards design rates of production. 15,131t of copper-silver concentrate has been produced to date at an average grade of 38% Cu and 573g/t Ag. Value enhancement projects, including the Boseto 50,000t per annum expansion, Zeta underground and coal fired power station, are continuing.

Consolidated Statement of Cash Flow for the Quarter ended 31 December 2012

Current Quarter $US'000- 31 December 2012 Year to Date $US'000- 6 Months
Net Operating Cash Flows (21,126) (45,753)
Net Investing Cash Flows 0 0
Total Operating and Investing Cash Flows (21,126) (45,753)
Net Financing Cash Flows (17,136) 34,992
Net Increase (Decrease) in Cash Held (38,262) (10,761)
Cash at Beginning of Quarter/Year to Date 86,371 58,870
Cash at End of Quarter 48,109 48,109
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