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PROVISIONALLY PRICED SALES:
 3 Months Ended
Mar. 31, 2012
PROVISIONALLY PRICED SALES:  
PROVISIONALLY PRICED SALES:

NOTE 5 — PROVISIONALLY PRICED SALES:

 

At March 31, 2012, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the March 31, 2012 market price per pound.  These sales are subject to final pricing based on the average monthly London Metal Exchange (“LME”), or New York Commodities Exchange (“COMEX”), copper prices and Dealer Oxide molybdenum prices in the future month of settlement.

 

Following are the provisionally priced copper and molybdenum sales outstanding at March 31, 2012:

 

Copper
(million lbs.)

 

Priced at

 

Month of
Settlement

 

14.1

 

$

3.84

 

April 2012

 

1.5

 

3.83

 

May 2012

 

15.6

 

$

3.84

 

 

 

 

 

 

 

 

 

Molybdenum
(million lbs.)

 

Priced at

 

Month of
Settlement

 

3.3

 

$

14.00

 

April 2012

 

3.3

 

14.00

 

May 2012

 

2.4

 

14.00

 

June 2012

 

9.0

 

$

14.00

 

 

 

 

Management believes that the final pricing of these sales will not have a material effect on the Company’s financial position or results of operations.