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PROVISIONALLY PRICED SALES:
 9 Months Ended
Sep. 30, 2012
PROVISIONALLY PRICED SALES:  
PROVISIONALLY PRICED SALES:

NOTE 6 — PROVISIONALLY PRICED SALES:

 

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

 

Copper
(million lbs.)

 

Priced at
(per pound)

 

Month of
Settlement

 

11.2

 

$

3.727

 

October 2012

 

3.3

 

3.724

 

November 2012

 

14.5

 

$

3.727

 

 

 

 

Molybdenum
(million lbs.)

 

Priced at
(per pound)

 

Month of
 Settlement

 

3.3

 

$

11.65

 

October 2012

 

3.1

 

11.65

 

November 2012

 

2.3

 

11.65

 

December 2012

 

8.7

 

$

11.65

 

 

 

 

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.