Mercator Minerals Ltd. announced earnings and operating results for the fourth quarter and year ended December 31, 2013. For 2013, the company reported revenues of $215.3 million, an operating loss of $17.3 million before the $167.8 million of asset impairment charge for the Mineral Park mine and El Creston project taken during the year, and a net loss of $152.8 million or loss of $0.48 per basic share, or an adjusted net loss of $37.1 million or $0.12 per basic share compared to revenues of $262.6 million, an operating profit of $24.7 million before the $119.8 million of asset impairment charge for the Mineral Park mine and El Creston project taken during the year, and a net loss of $128.7 million or loss of $0.48 per basic share, or an adjusted net loss of $1.2 million a year ago. Included in the net loss is the $167.8 million or $0.53 per share non-cash asset impairment charges on the Mineral Park mine and the El Creston project taken during the year. Cash flow used in operations was $6.7 million in 2013. Cash flow used in operations was $6.7 million against $5.4 million a year ago.

For the quarter, the company reported revenues of $47.2 million, an operating loss of $5.6 million and a net loss of $11.5 million or loss of $0.03 per basic share, or an adjusted net loss of $9.5 million or $0.03 per basic share compared to revenues of $77.6 million, an operating profit of $10.6 million before the $119.8 million of asset impairment charge for the Mineral Park mine and El Creston project taken during the year, and a net loss of $115.2 million or loss of $0.44 per basic share, or an adjusted net profit of $4.4 million or $0.02 per basic share a year ago. Cash flow used in operations was $3.6 million against $6.7 million a year ago. Revenues were 39% lower in the fourth quarter 2013 than in fourth quarter 2012, primarily due to lower metal prices (copper and molybdenum prices realized were 8% and 14% lower, respectively) and lower shipment volumes (copper and molybdenum shipments were 35% and 25% lower, respectively).

For the quarter, the company reported Copper production of 8.7 million pounds, Molybdenum production of 2.1 million pounds and Copper equivalent production of 18.5 million pounds compared to Copper production of 10.9 million pounds, Molybdenum production of 2.9 million pounds and Copper equivalent production of 23.8 million pounds a year ago. During fourth quarter 2013, production was impacted by financial constraints causing sub-optimal operating conditions and mining primarily in harder ore sections of the pit, all of which resulted in lower average throughput and lower recovery rates when comparing fourth quarter 2013 to fourth quarter 2012.

For the full year, the company reported Copper production of 37.5 million pounds, Molybdenum production of 9.4 million pounds and Copper equivalent production of 81.2 million pounds compared to Copper production of 40.9 million pounds, Molybdenum production of 10.3 million pounds and Copper equivalent production of 87.5 million pounds a year ago. Production was negatively impacted by a number of operating and financial constraints, which resulted in lower equipment availability and lower working capital levels.