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Nyrstar Q1'16 earnings hit by commodities' downturn

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Nyrstar Q1'16 earnings hit by commodities' downturn

NyrstarNV's EBITDA for the first quarter almost halved year over year to€37 million, from €68 million in the year-ago quarter, due to lower productionand metal prices.

Revenue for the period dropped 19% to €638 million as bothof the segments — mining and metals processing — were impacted by the weaknessin the commodity markets, the company said April 27.

The average price of zinc stood at US$1,679 per tonne in thefirst quarter, compared to an average price of US$2,080 per tonne a year ago.Prices for all other metals also dropped year over year.

The metals processing segment recorded 8% less zinc metalproduction and 2% less lead metal production of 255,000 tonnes and 47,000tonnes, respectively.

Production from the mining segment dropped 37% for zinc inconcentrate to 42,000 tonnes, 73% for lead in concentrate to 1,600 tonnes, and44% for silver to 513,000 troy ounces. Gold production remained stable at 3,600troy ounces, while copper in concentrate production increased to 12% to 1,900tonnes.

Nyrstar's net debt stood at €639 million at the end of thefirst quarter, a 16% reduction from €761 million at the end of 2015.

The company reduced its capital expenditure 21% year overyear to €65 million in the first quarter.

Nyrstar added that potential buyers in the second phase ofits previously announced divestment process are currently conducting additionaldue diligence.