Toronto, London and New York-listed Trekor Metals has reported adjusted earnings before interest, taxes, depreciation and amortisation (Ebitda) of $125-million in the second quarter, with net income having amounted to $22-million, or $0.06 apiece, and adjusted net income having totalled $40-million, or $0.11 apiece.

The company, which primarily produces copper and molybdenum from operations in British Columbia and Arizona, reported earnings from mining operations before depletion and amortisation, as well as non-recurring items, of $154-million in the quarter.

Adjusted Ebitda in the second quarter of last year came to $17.4-million while adjusted net income was -$13-million, or -$0.04 apiece.

Trekor generated revenue of $331-million from the sale of 37.5-million pounds of copper and 575 000 lb of molybdenum, which president and CEO Stuart McDonald says is among the best results the company has ever recorded thanks to record copper prices and strong production at the Gibraltar mine in particular. The group's production grew by 80% year-on-year.

"Operating cashflow of $183-million underscores our significant leverage to copper prices with additional upside as Florence Copper progresses through its ramp-up. We expect strong financial performances in the coming quarters with production growth at Florence Copper, and as our margins are no longer limited by the $5.60 copper collars which matured in June," he explains.

The Gibraltar mine, in Canada, produced 30-million pounds of copper and sold 32-million pounds of copper in the second quarter, with mining activities having been focused in the lower benches of the Connector Pit, which delivered grades in line with the life-of-mine average. Trekor advises that copper cathode production was temporarily reduced during the reporting quarter owing to planned plant downtime in April to integrate a second leach pad.

Having produced 559 000 lb of molybdenum in the second quarter and realised a price of nearly $30/lb, this byproduct remains an essential offset to inflation of the Gibraltar mine's cost structure from higher diesel prices.

The Florence Copper operation, in the US, produced 5.2-million pounds of copper in the second quarter, which marked the first full quarter of plant operations. An additional 18 wells are being integrated into the Florence Copper wellfield, with more to be commissioned in coming weeks, which should boost production in the third quarter.

As at June 30, Trekor had a cash balance of $186-million and total available liquidity of $342-million.