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PROVISIONALLY PRICED SALES:
 6 Months Ended
Jun. 30, 2012
PROVISIONALLY PRICED SALES:  
PROVISIONALLY PRICED SALES:

NOTE 5 — PROVISIONALLY PRICED SALES:

 

At June 30, 2012, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the June 30, 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 June 30, 2012:

 

Copper
(million lbs.)

 

Priced at
(per pound)

 

Month of
Settlement

 

26.2

 

$

3.491

 

July 2012

 

21.6

 

3.490

 

August 2012

 

47.8

 

$

3.491

 

 

 

 

Molybdenum
(million lbs.)

 

Priced at
(per pound)

 

Month of
Settlement

 

3.4

 

$

13.13

 

July 2012

 

3.4

 

13.13

 

August 2012

 

2.2

 

13.13

 

September 2012

 

9.0

 

$

13.13

 

 

 

 

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.