Turning silver into growth!
As their mottos states, Aurcanna is turning silver into growth, as their 2011 report confirms. Here's just a quick synopsis of how good last year was for AUNFF:
- Earnings increased $ 21.6 million from mining operations in 2011, $23.2 million compared to $1.6 million in 2010.
- $16.3 million increase in net income, $7.7 million in 2011 compared to ($8.6) million loss in 2010.
- Revenues increased 76% to $45.9 million in 2011 from $26.1 million in 2010.
- Operating cash flow after taxes before movements in working capital items, to $19.5 million in 2011 (2010 loss of $3.7 million).
- Total Equity almost doubled to $139.3 million from $71.3 million.
- Achieved 9% decrease in production costs per silver equivalent to $10.10 (2010: $11.03) [ I expect this value to lower more still once they get shafter mine rolling at full steam later this year]
- Silver production of 1,007,256 ounces in 2011 compared to 838,077 ounces in 2010. Silver Equivalent production of 1,741,702 ounces in 2011 compared to 1,354,315 ounces in 2010.
- Initiated upgrade of La Negra mill from 1,500 tpd to 2,000 tpd in 2011, upgrade completed March, 2012, a 33% increase in processing capacity.
- Shafter Silver Mine in Texas initiated construction February, 2010 and commissioned the processing plant April 1, 2012, two months ahead of schedule and under budget
It's important to recognize that this is all from their La Negra Mine, as Shafter will be up and running shortly. These guys are hot, like molten silver hot. Expect great things from this company over the next couple of years!