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PROVISIONALLY PRICED SALES:
 9 Months Ended
Sep. 30, 2013
PROVISIONALLY PRICED SALES:  
PROVISIONALLY PRICED SALES:

NOTE 5 — PROVISIONALLY PRICED SALES:

 

At September 30, 2013, the Company has recorded provisionally priced sales of copper at average forward prices per pound, and molybdenum at the September 30, 2013 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, 2013:

 

Copper
(million lbs.)

 

Priced at
(per pound)

 

Month of
Settlement

 

9.9

 

$

3.31

 

October 2013 through November 2013

 

 

Molybdenum
(million lbs.)

 

Priced at
(per pound)

 

Month of
Settlement

 

8.0

 

$

9.15

 

October 2013 through January 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.