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PROVISIONALLY PRICED SALES: | 6 Months Ended
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Jun. 30, 2015
PROVISIONALLY PRICED SALES: |
PROVISIONALLY PRICED SALES: | NOTE 6 — PROVISIONALLY PRICED SALES: At June 30, 2015, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the June 30, 2015 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, 2015:
|  | Sales volume (million lbs.) |  | Priced at (per pound) |  | Month of settlement |
Copper |  | 123.3 |  | $ | 2.62 |  | From July 2015 to October 2015 |
Molybdenum |  | 17.1 |  | $ | 6.25 |  | From July 2015 to October 2015 |
During the month of July 2015, the market price of copper and molybdenum decreased. The effect of these changes on sales for the six months of 2015 settling in July 2015 was a reduction of $11.7 million in sales. Additionally, forward prices for copper as of July 24, 2015 also decreased, the effect of this decrease on the six months of 2015 open sales settling after July 2015 would be a further reduction of $10.9 million in sales.

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- Definition Discloses the amount of sales which are recorded at an average forward price, provisionally, pending the final prices in the future month of settlement. + References No definition available. + Details
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