Anvil Mining Reports Quarterly Records



    TSX, ASX: AVM
    Common shares outstanding 70.5 million
    All amounts are expressed in US dollars, unless otherwise stated.

    
                 Anvil Mining Reports Quarterly Records in:

                    -  Revenues of $76.2 million
                    -  Operating Profit of $47.5 million (after amortization)
                    -  Net Income of $39.1 million ($0.55 per share)
                    -  Production of 14,772 tonnes of copper
    

    MONTREAL, Nov. 14 /CNW/ - Anvil Mining Limited (TSX, ASX: AVM), ("Anvil"
or the "Company") and including its subsidiaries (the "Group") is pleased to
announce record consolidated net income for the third quarter of 2007 of
$39.1 million ($0.55 per share on a weighted average number of shares basis),
compared to $30.2 million ($0.54 per share) for the third quarter of 2006.
Concentrate sales also reached a quarterly record of $76.2 million, compared
to $56.6 million for the corresponding quarter of 2006. Operating cash flow
(before working capital movements) was a record $50.1 million ($0.71 per
share), compared to $36.9 million ($0.66 per share) for the third quarter of
2006. Consolidated production was also a quarterly record of 14,772 tonnes of
copper and 612,739 ounces of silver contained in concentrates.

    
    Third Quarter Highlights

    -   Record Quarterly production of 14,772 tonnes of copper and
        612,739 ounces of silver contained in concentrates.

    -   Record revenues from copper-silver and copper concentrate sales of
        $76.2 million, up 35% compared to the corresponding quarter of 2006.

    -   Record net income of $39.1 million ($0.55 per share), up by 30%
        compared to the corresponding quarter of 2006.

    -   Record operating profit (after depreciation and amortization) of
        $47.5 million, up by 25% compared to the corresponding quarter of
        2006.

    -   Record cash flows from operating activities (before working capital
        movements) of $50.1 million ($0.71 per share), up by 36% compared to
        the corresponding quarter of 2006.

    -   Commencement of stope underground mining at Dikulushi, ramping up to
        full production by year-end 2007.

    -   Kinsevere Stage I reached design capacity of 500,000 tonnes of ore
        per year (1,370 tonnes per day) for a yearly copper production rate
        of 25,000 tonnes.

    -   Cash and cash equivalents of $214.9 million ($3.05 per share).
    

    Bill Turner, President and CEO of Anvil, commented, "For the third
consecutive quarter we reached quarterly records in sales, operating profit,
operating cash flow (before working capital movements) and net income. The
Company's strong financial performance was due to continued above-target
operational performance at the Dikulushi mine and an increase in realized
silver prices combined with a strong copper market price. The 15% increase in
copper production over the corresponding quarter in 2006 is mainly due to the
commissioning of the Kinsevere Stage I HMS plant in June 2007, our third mine
in the DRC which produced 6,142 tonnes of copper in concentrates for the third
quarter".
    The excellent performance of Dikulushi has resulted in an increase in the
original 2007 production target to 24,000 tonnes of copper and 2.25 million
ounces of silver. With above target production being consistently achieved at
Dikulushi and the Kinsevere mine operating at design capacity, the Company
estimates its 2007 consolidated production target to exceed 45,000 tonnes of
copper in concentrates.

    Progress on Kinsevere Stages I and II

    The Stage I development of the Kinsevere mine is near completion. "Our
primary focus is to commission the two Electric-Arc Furnaces ("EAF"), that
comprise the final phase of Kinsevere Stage I, by the end of the fourth
quarter 2007 in order to commence production of "black copper" ingots assaying
90-93% copper by the first quarter of 2008, for 23,000 to 25,000 tonnes
annually", said Mr. Turner.
    The completion of Stage I includes a number of important infrastructure
items necessary for the Stage II development at Kinsevere, including
connection to the national hydro-electrical grid network which will enable the
supply of electrical power sufficient to treat more than 60,000 tonnes per
annum by Solvent Extraction Electro-Winning ("SX-EW"). In addition, parts of
the front end crusher for Stage I have been designed to allow for the higher
level of throughput required for Stage II.
    The complete financial statements together with the related Management's
Discussion and Analysis of Financial Conditions and Results of Operations are
available on Anvil's website at www.anvilmining.com under the heading Investor
Relations/Financial Reports.

    Third Quarter 2007 Financial Results Conference Call Reminder

    A conference call will be held at 8:00 a.m. (EST - North America, Toronto
time) on Thursday November 15, coinciding with 10:00 pm (AWST - Australia,
Perth time) on the same day, to discuss the results announced in this news
release. Details to access the conference call and the live audio webcast are
as follows:

    Conference call:

    (Please call approximately five minutes prior to the scheduled start of
the call)
    -  Toll-free within North America: 1-800-732-9303
    -  For local and overseas calling: 1-416-644-3419

    Live audio webcast of the conference call (listen mode only):
    -  CNW Group website at:
    http://www.newswire.ca/en/webcast/viewEvent.cgi?eventID=2021360

    Replay Information (available for a period of 7 days):
    -  The conference call will be recorded and a playback of the call
    will be available after the event by dialling 1-877-289-8525 or
    1-416-640-1917, Reservation number 21247880 followed by the pound
    (No.) key

    Anvil Mining Limited is an unhedged copper and silver producer whose
shares are listed for trading on the Toronto Stock Exchange (as common shares)
and the Australian Stock Exchange (as CDIs) under the symbol AVM. It has
majority interests in and operates the Dikulushi copper-silver mine, the
Kinsevere copper mine, and the Kulu copper tailings operation in the Katanga
Province of the Democratic Republic of Congo.

    Caution Regarding Forward Looking Statements: The forward-looking
statements made in this news release are based on management's assumptions and
judgments regarding future events and results. Such forward-looking
statements, including but not limited to those with respect to the Company's
plans for expansions of the Kinsevere copper mine and estimated future
production at the Dikulushi, Kulu and Kinsevere mines, involve known and
unknown risks, uncertainties and other factors which may cause the Company's
actual results, performance or achievements to be materially different from
any anticipated future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include, among
others, the actual market prices of copper, changes in project parameters as
plans continue to be evaluated, and the possibility of cost overruns, as well
as those factors disclosed in the Company's filed documents. There can be no
assurance that the Stage II expansion of the Kinsevere copper mine will
proceed as planned or be successfully completed within expected time limits
and budgets or that, when completed, the expanded facility will operate as
anticipated.

    
                                   Appendix

                      Key Financial and Production Data

    -------------------------------------------------------------------------
                                      3 Months ended        9 Months ended
                                       September 30          September 30
                                      2007       2006       2007       2006
    -------------------------------------------------------------------------
    Revenues: ($ millions)
    Copper-silver and copper
     concentrate sales                 76.2       56.5      183.9      132.7
    -------------------------------------------------------------------------
    Operating profit: ($ millions)     47.5       37.9      117.8       81.1

    Net Income : ($ millions)          39.1       30.1       95.5       60.9
    -------------------------------------------------------------------------
    Realized price: ($)
     Dikulushi mine
    -------------------------------------------------------------------------
    Copper per pound                   3.55       3.57       3.35       3.16
    -------------------------------------------------------------------------
    Silver per ounce                  12.95      11.61      12.95      10.76
    -------------------------------------------------------------------------
    Realized price: ($)
     Kulu mine:
    -------------------------------------------------------------------------
    Copper concentrate per tonne
     (ex mine gate)                     987        706        783        620
    -------------------------------------------------------------------------
    Realized price: ($)
     Kinsevere mine:
    -------------------------------------------------------------------------
    Copper concentrate per tonne
     (ex mine gate)                   1,023          -      1,023          -
    -------------------------------------------------------------------------

    PRODUCTION STATISTICS:

    Consolidated Group

    Copper produced in
     concentrates (tonnes)           14,772     12,816     30,755     32,051
    Silver produced in
     concentrates (ounces)          612,739    545,438  1,733,866  1,604,793

    Per Mine

    Dikulushi mine

    Ore processed (tonnes)(1)        88,574    114,154    261,316    377,647
    Copper grade (%)                    7.7        5.6        7.4        5.0
    Contained Copper in Ore
     (tonnes)                         6,836      6,409     19,538     19,039
    Recovery (%)                       90.7       89.5       90.2       88.4
    Copper produced in
     concentrates (tonnes)            6,198      5,738     17,618     16,844
    Silver produced in
     concentrates (ounces)          612,739    545,438  1,733,866  1,604,793
    Ore mined (tonnes)                    -    242,647          -    565,832
    Waste mined (bcm)                     -    246,695          -  1,228,366
    -------------------------------------------------------------------------
    Costs of production: ($)

    Operating cash costs per pound
     (after silver credits) (ex
     mine gate)                        0.23       0.23       0.15       0.33

    Total cash costs (after silver
     credits)(2)                       0.65       0.99       0.58       1.02
    -------------------------------------------------------------------------



                                      3 Months ended        9 Months ended
                                       September 30          September 30
    PRODUCTION STATISTICS:            2007       2006       2007       2006

    Kulu mine
    Ore processed (tonnes)(3)        87,342     82,424    242,574    215,080
    Copper grade (%)                    5.1        8.2       5.22        8.2
    Contained copper in ore
     (tonnes)                         4,439      6,757     12,732     24,552
    Recovery (%)                       54.8       70.1       51.0       68.6
    -------------------------------------------------------------------------
    Copper produced in
     concentrates (tonnes)            2,432      7,078      6,543     15,207
    Ore mined (tonnes)              136,586    115,352    287,921    231,191
    -------------------------------------------------------------------------
    Costs of production: ($)

    Operating cash costs per tonne
     (ex mine gate)                     670        242        552        235

    Kinsevere mine(4)
    Ore processed (tonnes)(3)        72,639                81,006
    Copper grade (%)                   10.9                  10.7
    Contained copper in ore
     (tonnes)                         7,951                 8,705
    Recovery (%)                       77.0                  73.8
    Copper produced in
     concentrates (tonnes)            6,142                 6,622
    Ore mined (tonnes)              181,851               263,655

    Costs of production: ($)
    Operating cash costs per tonne
     (ex mine gate)                     362                   362
    -------------------------------------------------------------------------

        1. No mining costs were incurred at Dikulushi because all feed to the
           plant is sourced from the Run-of-Mine stockpiles of blended high-
           grade and low-grade ore during the transition to underground
           mining which is expected to commence during the fourth quarter of
           2007.
        2. Ore processed at Dikulushi relates to ore processed through the
           ball mill and flotation plant.
        3. Ore processed at Kulu and Kinsevere relates to ore processed
           through the HMS plant.
        4. The Kinsevere mine commenced production in June 2007.



                   Consolidated Balance Sheets (unaudited)

                                                        September   December
                                                         30 2007    31 2006
                                                             $          $
    ASSETS
    Current assets
    Cash and cash equivalents                             214,886     59,302
    Restricted cash                                           409        219
    Accounts receivable                                    65,764     29,594
    Inventories                                            22,963     18,020
    Investments                                            73,165     95,819
    Prepaid expenses and deposits                          14,145      6,936
                                               ------------------------------
                                                          391,332    209,890
    Equity accounted investment                             5,927          -
    Long term receivable                                    1,014          -
    Deferred financing fees                                     -        791
    Deferred mining costs                                       -          -
    Exploration and acquisition expenditure                61,498    127,138
    Property, plant and equipment                         199,063     63,930
    Future income tax asset                                   737        737
                                               ------------------------------
                                                          659,571    402,486
                                               ------------------------------
                                               ------------------------------

    LIABILITIES
    Current liabilities
    Accounts payable and accrued liabilities               19,955     14,285
    Income taxes payable                                    3,829      3,281
    Other liabilities                                       1,126        676
    Current portion of long term debt                       5,799      8,000
    Purchase consideration payable                          1,250     46,250
                                               ------------------------------
                                                           31,959     72,492

    Long-term debt                                              -      4,000
    Future income tax liability                            36,453     36,505
    Asset retirement obligations                           10,543      1,402
                                               ------------------------------
                                                           78,955    114,399
    Non-controlling interest                               15,098      8,291
                                               ------------------------------
                                                           94,053    122,690
                                               ------------------------------
    Shareholders' equity
    Equity accounts                                       377,452    186,523
    Retained earnings                                     187,864     92,714
    Accumulated other comprehensive income                    202        559
                                               ------------------------------
    Total shareholders' equity                            565,518    279,796
                                               ------------------------------
                                                          659,571    402,486
                                               ------------------------------
                                               ------------------------------



      Consolidated Statements of Income and Comprehensive Income (unaudited)

                                       3 Months ended        9 Months ended
                                        September 30          September 30
                                      2007       2006       2007       2006
                                       $          $          $          $

    Concentrate sales                76,200     56,550    183,932    132,728
    Operating expenses              (24,158)   (16,531)   (57,527)   (45,843)
    Amortization                     (4,497)    (2,068)    (8,529)    (5,692)
                                   ------------------------------------------
    Operating profit                 47,545     37,951    117,876     81,193

    Other income                      4,098      2,046      7,444      3,811
    Other expenses
    General, administrative and
     marketing                       (3,510)    (2,312)    (8,965)    (6,117)
    Provision for impairment of
     investment                        (767)         -       (767)         -
    Exploration expenditure written
     off                                  -          -     (1,063)         -
    Foreign exchange gains/(losses)     178        (71)       140       (342)
    Social development                 (805)         -     (1,848)         -
    Stock based compensation           (619)      (370)    (1,823)      (968)
    Interest and financing fees        (326)       (84)    (1,145)    (4,132)
                                   ------------------------------------------
    Earnings before income tax and
     non-controlling interest        45,794     37,160    109,849     73,445

    Income tax                       (2,716)    (2,774)    (3,764)    (3,604)
    Non-controlling interest         (4,014)    (4,229)   (10,581)    (8,934)
                                   ------------------------------------------
    Net Income                       39,064     30,157     95,504     60,907

    Other comprehensive income,
     net of taxes:
    Net unrealized gains/(losses)
     on available-for-sale
     securities                      (1,197)         -       (484)         -
                                   ------------------------------------------
    Total comprehensive income       37,867     30,157     95,020     60,907
                                   ------------------------------------------
                                   ------------------------------------------

    Basic earnings per share ($)       0.55       0.54       1.52       1.29
    Diluted earnings per share ($)     0.54       0.53       1.48       1.26



                       Cash Flow Statement (unaudited)

                                       3 Months ended        9 Months ended
                                        September 30          September 30
                                      2007       2006       2007       2006
                                       $          $          $          $

    Cash flows from operating
     activities
    Net earnings for the period      39,064     30,157     95,504     60,907
    Items not affecting cash
    Amortization                      4,497      2,068      8,529      5,692
    Provision for impairment of
     Investments                        767          -        767          -
    Exploration expenditure written
     off                                  -          -      1,063          -
    Non-controlling interest          4,014      4,229     10,581      8,934
    Borrowing costs - amortized         158         93        514      1,646
    Unrealized foreign exchange
     (gains)/losses                     982          7        862          5
    Future tax                            -          -        (52)         -
    Stock based compensation            619        370      1,823        968
    Changes in non-cash working
     capital                         (7,143)   (16,866)   (42,233)   (42,998)
                                   ------------------------------------------
                                     42,958     20,058     77,358     35,154
                                   ------------------------------------------
    Cash flows from investing
     activities
    Payments for property, plant
     and equipment                  (25,518)   (13,380)   (55,693)   (20,480)
    Proceeds from sale of assets         (2)        24         11         97
    Payments for exploration and
     evaluation expenditure          (6,184)      (477)   (15,123)    (4,486)
    Payment for acquisition               -    (10,000)   (36,000)   (10,000)
    Payment for investment in
     Sub-Sahara                      (2,118)         -     (6,090)         -
    Payments for deferred
     acquisitions costs                   -          -          -     (4,078)
    Payments for investments              -    (18,228)         -   (127,288)
    Proceeds of principal
     repayments from investments      6,843     19,779     21,529     28,874
                                   ------------------------------------------
                                    (26,979)   (22,282)   (91,366)  (137,361)
                                   ------------------------------------------
    Cash flows from financing
     activities
    Proceeds from issue of shares
     (net of issue expenses)           (197)     2,750    179,672    139,325
    Proceeds from borrowings (net
     of fees incurred)                    -     14,250                14,250
    Payment for borrowing fees          (35)         -       (115)         -
    Movement in restricted cash         (13)         -       (190)         -
    Repayment of borrowings          (2,000)    (1,000)    (6,000)   (11,652)
    Advances on behalf of Anvil
     Mining Congo trusts (10% owner
     of the Dikulushi mine)          (1,845)         -     (3,774)         -
                                   ------------------------------------------
                                     (4,090)    16,000    169,593    141,923
                                   ------------------------------------------
    Net increase/ (decrease) in
     cash and cash equivalents       11,889     13,776    155,584     39,716
    Cash and cash equivalents at
     beginning of the period        202,997     33,884     59,302      7,945
    Effects of exchange rate
     changes on cash held in
     foreign currencies                   -          -          -         (1)
                                   ------------------------------------------
    Cash and cash equivalents at
     end of the period              214,886     47,660    214,886     47,660
                                   ------------------------------------------
    





For further information:

For further information: Craig Munro, Senior Vice President Corporate &
CFO, Tel: +61 (8) 9481 4700, Email: craigm@anvilmining.com (Perth); Robert La
Vallière, Vice President Investor Relations, Tel: (Office) (514) 448-6664,
(Cell), (514) 944-9036, Email: robertl@anvilmining.com (Montréal); Website:
www.anvilmining.com

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