Based on a preliminary review of production volumes and revenues provided by its joint venture partner for the fourth quarter ended May 31, 2008, Terra Nostra Resources Corporation, a leading copper and stainless steel producer in China, is anticipating reporting approximately $123 million in revenue, which will be a 13% increase over the third quarter of 2008. The reported revenues will bring the total fiscal 2008 revenue to $532 million, which is 86% higher than fiscal 2007’s revenue of $285 million.
In regard to the fourth quarter reported revenues of fiscal 2008 for the company’s copper and steel productions, the revenues are as follows; copper production is expected to be approximately $57 million, a 25% increase over the third quarter, on volume of approximately 7,500 tons sold, up 22% from the third quarter; and stainless steel production is expected to reach approximately $66 million, representing growth of 4% from the third quarter, on volume of approximately 22,387 MT sold, up 4% from the third quarter.
Don Nicholson, president of Terra Nostra stated, “These preliminary fourth quarter results as reported to Terra Nostra will cap a year of planned execution of our growth strategy and increased value-added down-stream production. With the Dongying copper plant fully operational, we achieved a significant 20%-plus increase in copper production and revenue year over year. In our stainless steel business, a quarterly increase in volume and revenue included an increased level of production of higher grade 304 series, for which production allocation rose 37% over the third quarter and revenue allocation grew 29%.”
He continued, “As a producer of strategic metals in China, we are well positioned to build on this growth in fiscal 2009 by capturing an increasing share of the demand for specialty stainless steel that is frequently being met by imports, and by further meeting the strong local demand for cathode copper,” concluded Nicholson. “Our thanks to our joint venture partner who has provided strong growth numbers for this fiscal year.”
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