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PROVISIONALLY PRICED SALES:
 6 Months Ended
Jun. 30, 2014
PROVISIONALLY PRICED SALES:  
PROVISIONALLY PRICED SALES:

NOTE 5 — PROVISIONALLY PRICED SALES:

 

At June 30, 2014, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the June 30, 2014 market price per pound.  These sales are subject to final pricing based on the average monthly copper prices on the London Metal Exchange (“LME”) or New York Commodities Exchange (“COMEX”) and Dealer Oxide molybdenum prices in the future month of settlement.

 

Following are the provisionally priced copper and molybdenum sales outstanding at June 30, 2014:

 

Copper
(million lbs.)

 

Priced at

 

Month of
Settlement

 

31.3

 

$

3.19

 

July and August 2014

 

 

Molybdenum
(million lbs.)

 

Priced at

 

Month of
Settlement

 

8.5

 

$

13.3

 

July to September 2014

 

 

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.