Molibdenos y Metales S.A. reported consolidated earnings and production results for the first quarter ended March 31, 2016. The company reported USD 20.2 million in first quarter earnings, up from USD 9.21 million in the year-ago period on weaker sales and molybdenum prices. Ordinary income was USD 146.293 million against USD 196.647 million a year ago. Income from operating activities was USD 32,637 million against USD 22,461 million a year ago. Profit before tax was USD 27,749 million against USD 16,964 million a year ago. Profit after tax from continuing operations was USD 20,183 million against USD 9,210 million a year ago. Profit attributable to equity holders of parent was USD 19,870 million against USD 8,519 million a year ago. By March 31st, 2016, EBITDA totaled USD 44.14 million, showing a 29.98% increase over the same exercise in 2015, which was USD 33.96 million. This is mainly due to the growth of gross income by the end of the period for USD 8.94 million over March 2015. Consolidated net debt by March 2016 decreased 25.77%, going from USD 146.53 million in December 2015 to USD 108.77 million in March 2016. This is mainly explained by the increase in cash levels due to lesser working capital needs. CAPEX (no VAT) was USD 4.38 million against USD 9.08 million a year ago.

The company reported that volume of molybdenum products processed and sold in the first quarter dropped 4.8% to 42.8Mt, while molybdenum prices fell 37.2% to USD 5.32/lb, according to its latest financial statement sent to SVS. By the end of March 2016, Molymet's total processing capacity is 204 million pounds of molybdenum per year, which is compared to an approximate worldwide consumption of 510 million pounds of Mo per year. Own sales was 15.47 mm pounds against 15.76 mm pounds a year ago. Tolling was 27.30 mm Lbs against 29.19 mm Lbs a year ago. Rhenium was 11,704 pounds against 13,816 pounds a year ago. Metallic Mo was 0.57 mm pounds against 0.79 mm pounds a year ago. Byproducts was 34,205 ton against 36,935 ton a year ago. Efficiencies was 148,829 pounds against 357,676 pounds a year ago.