Trevali produced a total 417.4mn lb (0.18mn mt) in 2019, up by 3pc from 406.9mn lb the prior year. In the December ended quarter payable zinc production rose by 2pc.
In the December quarter (Q4), the company’s zinc production was at 104.8mn lb as compared to 102.7mn lb produced in the prior year period. Lead produced in 2019 was 50.3mn lb, up by 21pc from 41.7mn lb in 2018. In the December quarter, lead production rose by 42pc to 13.8mn lb from 9.7 produced in the fourth quarter of 2018.
| Production | 2019 | 2018 | Pc Change | Q4 2019 | Q4 2018 | Pc Change |
| Zinc payable production | 417.4 | 406.9 | 3% | 104.8 | 102.7 | 2% |
| Lead payable production | 50.3 | 41.7 | 21% | 13.8 | 9.7 | 42% |
In 2019, payable zinc sold by the company was 440.1mn lb, up by 9pc from 403.3mn lb sold in the year prior. However, in the December quarter zinc sales fell by 11pc to 110.4mn lb from the prior year. In 2019, 47.5mn lb of lead was sold, up by 19pc from 2018. In Q4, sales of lead jumped 38pc to 14.8mn lb compared to 10.7mn lb sold in the same period prior year.
| Sales | 2019 | 2018 | Pc Change | Q4 2019 | Q4 2018 | Pc Change |
| Zinc payable | 440.1 | 403.3 | 9% | 110.4 | 124.1 | -11% |
| Lead payable | 47.5 | 39.9 | 19% | 14.8 | 10.7 | 38% |
Quarterly zinc payable production reduced slightly to 104.8mn lb in the December quarter compared to the previous quarter, following two consecutive record production in the second and third quarter. Compared to 2018, ore tonnes milled at Rosh Pinah, Perkoa, Santander and Caribou improved sequentially.
Initiatives were taken by the company to improve shipping logistics across 2019 realised benefits with concentrate inventory levels steadily decreasing to the point of effectively just-in-time inventory levels at December 31, 2019.
At Rosh Pinah during Q4 2019, a new zinc concentrate filter press was installed which is expected to reduce the volatility of concentrate sales volumes and to reduce stock levels in conjunction with an improved concentrate logistics performance. Production guidance for 2019 was exceeded by the company despite the higher benchmark smelting and refining charges during 2019 as mill throughput rates and recoveries remained strong.
Financial performance
Revenues in 2019 was $386,110mn lb down by 17pc from the prior year. Operating profit was at $71,787mn in 2019 compared to operating loss of $176,569mn in the previous year. The company posted a net loss of $35,411mn, however, narrow from a loss of $230,595mn posted in the prior year.