GlobeNewswire

Fortuna reports consolidated financial results for the third quarter 2018

Del

(All amounts expressed in US dollars, unless otherwise stated)

VANCOUVER, British Columbia, Nov. 08, 2018 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) today reported net income of $6.9 million, earnings per share of 4 cents and revenue of $59.6 million in the third quarter of 2018.

Jorge A. Ganoza, President and CEO, commented, “We have delivered a solid quarter in spite of a 12% and 5% decrease in silver and gold prices, respectively, in the third quarter, with earnings per share of $0.04, EBITDA of $24.2 million, and free cash flow, excluding Lindero construction costs, of $13.6 million.” Mr. Ganoza concluded, “The rate of spending at Lindero continues to increase as construction activities accelerate towards year end. It is estimated that a total of between $110 million to $130 million will be spent in 2018. Construction activities are progressing according to the project´s schedule with commercial production planned for the end of the third quarter of 2019.”

Third quarter consolidated financial highlights:

  • Sales of $59.6 million, compared to $64.0 million in Q3 2017
  • Net income of $6.9 million, compared to $10.3 million in Q3 2017
  • Earnings per share of $0.04, compared to $0.06 in Q3 2017
  • Net cash provided by operations of $21.5 million and adjusted EBITDA of $24.2 million, compared to $20.3 million and $30.6 million, respectively, in Q3 2017
  • Free cash flow, excluding Lindero construction costs,1 of $13.6 million and $42.2 million for the three and nine months ended September 30, 2018
  • Cash position, including short term investments, as at September 30, 2018 was $176.7 million
  • Silver and gold production totaled 2,230,465 and 12,542 ounces compared to 2,009,362 and 13,412 in Q3 2017
  • AISC1 per silver equivalent2 ounce was $10.8 compared to $11.1 in Q3 2017

1 All-in sustaining cash cost and free cash flow excluding Lindero construction costs are Non-GAAP Financial Measures
2 AISC/oz Ag Eq calculated at realized metal prices of $1,211/oz Au, $14.8/oz Ag, $1.0/lb Pb, and $1.2/lb Zn

 
Third quarter consolidated financial results
                     
Consolidated Metrics   Q3 2018   Q3 2017 % Change   YTD 2018   YTD 2017 % Change
                     
Financial (Expressed in $ millions except per share information and all-in sustaining cash costs)
Sales $ 59.6   $ 64.0 -7% $ 203.7   $ 192.8 6%
Mine operating income   16.5     24.9 -34%   79.2     74.3 7%
Operating income   10.5     18.9 -44%   55.3     52.7 5%
Net income   6.9     10.3 -33%   31.8     32.2 -1%
                     
Earnings per share (basic)   0.04     0.06 -33%   0.20     0.20 0%
Earnings per share (diluted)   0.04     0.06 -33%   0.20     0.20 0%
                     
Adjusted net income1   7.1     13.1 -46%   30.2     36.4 -17%
Adjusted EBITDA1   24.2     30.6 -21%   91.2     87.3 4%
Free cash flow1   (19.3 )   8.3 -333%   (26.9 )   9.9 -372%
Free cash flow excluding Lindero construction costs1   13.6     11.7 16%   42.2     17.7 138%
Capex (sustaining)   5.4     7.5 -28%   14.6     19.9 -27%
Capex (non-sustaining)   0.6     2.4 -74%   2.1     2.9 -27%
Capex (Lindero)   24.5     3.7 564%   41.8     8.3 402%
Capex (Brownfield)   2.4     2.2 9%   7.1     7.8 -10%
AISC ($/oz Ag)1,2   7.1     6.1 17%   4.1     6.8 -40%
AISC ($/oz Ag Eq)1,3   10.8     11.1 -3   10.1     11.4 -12%
                     
              Sep 30, 2018   Dec 31, 2017 % Change
Cash, cash equivalents, and short-term investments   $ 176.7   $ 212.6 -17
                     
Total assets           $ 738.3   $ 706.6 4%
Non-current bank loan           $ 39.6   $ 39.9 -1
                     
1 Non-GAAP financial measure. Refer to the Non-GAAP Measures at the end of this news release and in the associated MD&A for a description and calculation of these measures
2 Net of by-products from gold, lead, and zinc.
3 AISC/oz Ag Eq calculated at realized metal prices of $1,211/oz Au, $14.8/oz Ag, $1.0/lb Pb, and $1.2/lb Zn
 

Net income for the three months ended September 30, 2018 was $6.9 million or $0.04 per share compared to $10.3 million or $0.06 per share for the comparable quarter in 2017. Sales for the third quarter of 2018 decreased 7% to $59.6 million compared to $64.0 million for the comparable quarter in 2017 due primarily to a decline in metal prices for silver, lead, and zinc and to a lesser extent, the timing of recognizing revenue on concentrates delivered to the warehouse prior to the end of the quarter of about $1.5 million, but which were not recognized in sales for the third quarter.

Operating income for the three months ended September 30, 2018 was $10.5 million, a 44% decrease from the $18.9 million of operating income for the comparable quarter in 2017. The key drivers for the decrease were lower sales from a decline in metal prices, higher production costs at the Caylloma mine as well as a $1.4 million provision for a community support obligation that will be paid over the next 2.5 years.

Adjusted net income decreased 46% during the quarter to $7.1 million compared to $13.1 million for 2017. Adjusted EBITDA decreased 21% to $24.2 million compared to $30.6 million for the comparable period in 2017.

Free cash flow, excluding Lindero construction costs, was $13.6 million in the quarter and $42.2 million year to date. At September 30, 2018, the Company had cash, cash equivalents and short-term investments of $176.7 million which along with our undrawn credit facility of $80.0 million will provide sufficient liquidity to meet our funding needs during the construction of the Lindero Project.

                         
San Jose Mine, Mexico                        
                         
      Three months ended September 30,     Nine months ended September 30,
Mine Production     2018     2017     2018     2017
Tonnes milled     262,710     263,697     784,297     799,420
Average tonnes milled per day     2,985     3,038     2,994     3,054
                         
Silver                        
Grade (g/t)     258     229     270     231
Recovery (%)     91     91     92     92
Production (oz)     1,991,211     1,774,556     6,261,137     5,454,793
Metal sold (oz)     1,904,179     1,739,066     6,103,319     5,392,495
Realized price ($/oz)     14.82     16.85     16.08     17.16
                         
Gold                        
Grade (g/t)     1.61     1.71     1.80     1.74
Recovery (%)     91     91     92     91
Production (oz)     12,387     13,248     41,692     40,773
Metal sold (oz)     12,098     12,817     40,943     40,079
Realized price ($/oz)     1,211     1,280     1,285     1,251
                         
Unit Costs                        
Production cash cost ($/oz Ag)1,2     1.8     1.5     0.3     1.3
Production cash cost ($/oz Ag Eq)1,3     6.1     6.5     5.7     6.3
Production cash cost ($/t)1     63.3     62.2     63.0     60.3
Unit Net Smelter Return ($/t)     157.3     162.6     183.8     165.8
AISC ($/oz Ag)1,2     6.4     7.8     5.0     7.4
AISC ($/oz Ag Eq)1,3     9.1     10.5     8.8     10.3
1 Non-GAAP financial measure. Refer to the Non-GAAP Measures at the end of this news release and in the associated MD&A for a description and calculation of these measures
2 Net of by-product credits from gold
3 AISC/oz Ag Eq calculated at realized metal prices of $1,211/oz Au and $14.8/oz Ag
 

The San Jose Mine produced 1,991,211 ounces of silver, representing a 12% increase in silver production over the same period in 2017 while gold production declined 6% to 12,387 ounces compared to 13,248 ounces during the same period in 2017. Average head grades for silver and gold were 258 g/t and 1.61 g/t which were 13% higher and 6% lower than the same period in 2017.

Cash cost per tonne of processed ore increased 2% to $63.3 for the third quarter compared to $62.2 for the same quarter in 2017 due primarily to higher energy tariffs and partially offset by lower mining costs. Cash cost per for the nine months ended September 30, 2018 increased 4% to $63.0 compared to $60.3 for the comparable period in 2017 and was slightly above our annual guidance. Cash cost per tonne for the year is expected to remain within 5% of our annual guidance of $61.2.

                         
Caylloma Mine, Peru                        
                         
      Three months ended September 30,     Nine months ended September 30,
Mine Production     2018       2017       2018       2017  
Tonnes milled     135,996       133,726       399,739       395,069  
Average tonnes milled per day     1,511       1,486       1,503       1,480  
                         
Silver                        
Grade (g/t)     65       66       64       66  
Recovery (%)     85       83       85       84  
Production (oz)     239,253       234,806       692,101       704,624  
Metal sold (oz)     250,255       226,155       696,765       691,659  
Realized price ($/oz)     15.01       16.89       16.07       17.19  
                         
Lead                        
Grade (%)     2.74       2.87       2.70       2.77  
Recovery (%)     92       91       91       91  
Production (000's lbs)     7,576       7,650       21,802       22,031  
Metal sold (000's lbs)     7,822       7,291       21,972       21,454  
Realized price ($/lb)     0.96       1.06       1.06       1.03  
                         
Zinc                        
Grade (%)     4.24       4.26       4.27       4.16  
Recovery (%)     90       90       90       90  
Production (000's lbs)     11,483       11,241       33,947       32,670  
Metal sold (000's lbs)     11,647       10,867       34,154       32,512  
Realized price ($/lb)     1.15       1.35       1.37       1.26  
                         
Unit Costs                        
Production cash cost ($/oz Ag)1,2     (22.6 )     (39.5 )     (40.1 )     (31.2 )
Production cash cost ($/oz Ag Eq)1,3     8.5       7.2       7.4       8.0  
Production cash cost ($/t)1     88.5       76.0       81.4       78.1  
Unit Net Smelter Return ($/t)     151.7       170.4       173.7       159.9  
AISC ($/oz Ag)1,2     1.4       (18.8 )     (16.8 )     (11.2 )
AISC ($/oz Ag Eq)1,3     12.3       10.5       10.8       11.4  
1 Non-GAAP financial measure. Refer to the Non-GAAP Measures at the end of this news release and in the associated MD&A for a description and calculation of these measures
2 Net of by-product credits from gold, lead, and zinc.
3 AISC/oz Ag Eq calculated at realized metal prices of $1,211/oz Au, $15.0/oz Ag, $1.0/lb Pb, and $1.2/lb Zn
 

The Caylloma Mine produced 7.6 million pounds of lead and 11.5 million pounds of zinc during the third quarter of 2018 representing a 2% increase in zinc production a 1% decrease in lead production over the same period in 2017. Average head grades for lead and zinc were 2.74% and 4.24%. Silver production was 239,253 ounces which was 2% higher than the comparable period in 2017.

Cash cost per tonne of processed ore for the third quarter of 2018 was $88.5 or 16% higher than the $76.0 cash cost for the comparable quarter in 2017. Cash cost per tonne on a year-to-date basis was $81.4 or 4% above 2017. The slightly higher cash cost for the nine months ended September 30, 2018 was due to higher labour and related personnel expenses that came into effect on August 2018. The Company expects an incremental cost of approximately $1.1 in the fourth quarter relating to a community support agreement entered into in the third quarter. Cash cost per tonne for the year is expected to be within 5% of our annual guidance of $81.3.

Non-GAAP Financial Measures

The following tables represent the computation of certain Non-GAAP Financial Measures as referenced in this news release.

                         
    Q3 2018   Adjustments   Q3 2018 Adjusted   Q3 2017   Adjustments   Q3 2017 Adjusted
Sales $ 59.6   $ -   $ 59.6   $ 64.0   $ -   $ 64.0  
Cost of sales   43.1     (1.4 )   41.7     39.1     -     39.1  
Mine operating income    16.5      1.4      17.9      24.9      -      24.9  
Selling, general and administration   5.0     -     5.0     5.0     -     5.0  
Exploration and evaluation   0.2     -     0.2     -     -     -  
Share of loss of equity-accounted investee   0.1     (0.1 )   -     0.1     (0.1 )   -  
Foreign exchange loss (gain)   0.8     -     0.8     0.1     -     0.1  
Other expenses   (0.1 )   -     (0.1 )   0.8     0.6     1.4  
Operating Income    10.5      1.5      12.0      18.9      (0.5 )    18.4  
Interest and finance costs   0.2     -     0.2     0.1     -     0.1  
Gain (loss) on financial assets and liabilities carried at fair value   2.1     (1.2 )   0.9     (3.2 )   3.2     -  
Income before taxes    12.8      0.3      13.1      15.8      2.7      18.5  
Current income tax expense   6.0     -     6.0     6.7     (0.1 )   6.6  
Deferred income tax recovery   -     -     -     (1.2 )   -     (1.2 )
Net income and adjusted net income for the period $  6.8   $  0.3   $  7.1   $  10.3   $  2.8   $  13.1  
Earnings per share - basic $ 0.04   $ -   $ 0.04   $ 0.06   $ -   $ 0.06  


    YTD 2018   Adjustments   YTD 2018 Adjusted   YTD 2017   Adjustments   YTD 2017 Adjusted
Sales $ 203.7   $ -   $ 203.7   $ 192.8   $ -   $ 192.8  
Cost of sales   124.5     (1.4 )   123.1     118.4     -     118.4  
Mine operating income    79.2      1.4      80.6      74.4      -      74.4  
Selling, general and administration   19.9     -     19.9     16.2     -     16.2  
Exploration and evaluation   0.5     -     0.5     0.2     -     0.2  
Share of loss of equity-accounted investee   (0.1 )   0.1     -     0.1     (0.1 )   -  
Foreign exchange loss (gain)   2.5     -     2.5     3.3     -     3.3  
Other expenses   1.0     (1.0 )   -     1.8     (1.8 )   0.0  
Operating Income    55.3      2.3      57.6      52.6      1.9      54.6  
Interest and finance costs   (0.1 )   0.5     0.4     (0.4 )   -     (0.4 )
Gain (loss) on financial assets and liabilities carried at fair value   4.9     (5.4 )   (0.5 )   (4.2 )   4.1     (0.1 )
Income before taxes    60.2      (2.6 )    57.6      48.0      6.0      54.1  
Current income tax expense   27.9     (1.0 )   26.9     23.5     1.8     25.3  
Deferred income tax recovery   0.5     -     0.5     (7.6 )   -     (7.6 )
Net income and adjusted net income for the period $  31.8   $  (1.6 ) $  30.2   $  32.2   $  4.2   $  36.3  
Earnings per share - basic $ 0.20   $ -   $ 0.20   $ 0.20   $ -   $ 0.20  


    Q3 2018   Q3 2017   YTD 2018   YTD 2018
Net Income for the period $ 6.9    $ 10.3   $ 31.8   $ 32.2
Add back:                
Community support provision   1.4     -     1.4     -
Net finance items   (0.2 )   (0.1 )   -     0.4
Depreciation, depletion, and amortization   11.4     10.8     34.0     32.9
Income taxes   5.9     5.5     28.4     15.8
Share of (income) loss of equity-accounted investee   0.1     -     (0.1 )   0.1
Non-cash (gain) loss on financial instruments   (1.2 )   3.3     (5.4 )   4.1
Other operating expenses   (0.1 )   0.8     1.1     1.8
Adjusted EBITDA $ 24.2   $ 30.6   $ 91.2   $ 87.3


(Expressed in $ millions)   Q3 2018   Q3 2017   YTD 2018   YTD 2017
Free Cash Flow
Net cash provided by operating activities $ 21.9   $ 20.4   $ 64.2   $ 41.2  
Less: Purchases of mineral properties, plant and equipment   (34.8 )   (11.7 )   (62.3 )   (32.4 )
Less: Deposits on long term assets, net   (6.6 )   0.5     (29.8 )   (3.2 )
Less: Current income tax expense   (6.0 )   (6.7 )   (27.9 )   (23.5 )
Add: Income taxes paid   6.2     5.8     28.9     27.8  
Free cash flow $  (19.3 ) $  8.3   $  (26.9 ) $  9.9  
Add: Lindero construction capital expenditures   25.1     2.7     37.3     7.1  
Add: Greenfield capital expenditures   0.7     0.7     2.2     0.7  
Add: Deposits on long term assets - Lindero construction   7.1     -     29.6     -  
Free cash flow excluding Lindero construction costs $  13.6   $  11.7   $  42.2   $  17.7  
                 

The financial statements and MD&A are available on SEDAR and have also been posted on the Company's website at https://www.fortunasilver.com/investors/financials/2018/ .

Conference call to review third quarter financial and operations results

Date: Friday, November 9, 2018
Time: 9:00 a.m. Pacific | 12:00 p.m. Eastern

Dial in number (Toll Free): +1.877.407.8035
Dial in number (International): +1.201.689.8035

Replay number (Toll Free): +1.877.481.4010
Replay number (International): +1.919.882.2331
Replay Passcode: 10460

Playback of the conference call will be available until November 23, 2018 at 11:59 p.m. Eastern. Playback of the webcast will be available until November 8, 2019. In addition, a transcript of the call will be archived on the company’s website: https://www.fortunasilver.com/investors/financials/2018/

About Fortuna Silver Mines Inc.

Fortuna is a growth oriented, precious metals producer with its primary assets being the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico and the Lindero gold Project in Argentina. The Company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas. For more information, please visit its website at www.fortunasilver.com.

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.

Trading symbols: NYSE: FSM | TSX: FVI
Investor Relations:
Carlos Baca- T (Peru): +51.1.616.6060, ext. 0

Forward looking Statements

This news release contains forward looking statements which constitute “forward looking information” within the meaning of applicable Canadian securities legislation and “forward looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 (collectively, “Forward looking Statements”). All statements included herein, other than statements of historical fact, are Forward looking Statements and are subject to a variety of known and unknown risks and uncertainties which could cause actual events or results to differ materially from those reflected in the Forward looking Statements. The Forward looking Statements in this news release include, without limitation, statements about the Company’s plans for its mines and mineral properties; the Company’s business strategy, plans and outlook; the merit of the Company’s mines and mineral properties; the future financial or operating performance of the Company; and proposed expenditures. Often, but not always, these Forward looking Statements can be identified by the use of words such as “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”, “to be”, or statements that events, “could” or “should” occur or be achieved and similar expressions, including negative variations.

Forward looking Statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any results, performance or achievements expressed or implied by the Forward looking Statements. Such uncertainties and factors include, among others, changes in general economic conditions and financial markets; changes in prices for silver and other metals; technological and operational hazards in Fortuna’s mining and mine development activities; risks inherent in mineral exploration; uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries; governmental and other approvals; political unrest or instability in countries where Fortuna is active; labor relations issues; as well as those factors discussed under “Risk Factors” in the Company's Annual Information Form. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in Forward looking Statements, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended.

Forward looking Statements contained herein are based on the assumptions, beliefs, expectations and opinions of management, including but not limited to expectations regarding the Company’s plans for its mines and mineral properties; mine production costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company’s current mineral resource and reserve estimates; that the Company’s activities will be in accordance with the Company’s public statements and stated goals; that there will be no material adverse change affecting the Company or its properties; that all required approvals will be obtained; that there will be no significant disruptions affecting operations and such other assumptions as set out herein. Forward looking Statements are made as of the date hereof and the Company disclaims any obligation to update any Forward looking Statements, whether as a result of new information, future events or results or otherwise, except as required by law. There can be no assurance that Forward looking Statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, investors should not place undue reliance on Forward looking Statements.

This news release also refers to non-GAAP financial measures, such as cash cost per tonne of processed ore; cash cost per payable ounce of silver; total production cost per tonne; all-in sustaining cash cost; all-in cash cost; all-in cash cost per ounce of silver equivalent production; adjusted net (loss) income; operating cash flow per share before changes in working capital; free cashflow; income taxes and interest income; and adjusted EBITDA. These measures do not have a standardized meaning or method of calculation, even though the descriptions of such measures may be similar. These performance measures have no meaning under International Financial Reporting Standards (IFRS) and therefore, amounts presented may not be comparable to similar data presented by other mining companies.

Om GlobeNewswire

GlobeNewswire
GlobeNewswire
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://globenewswire.com

GlobeNewswire is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Følg saker fra GlobeNewswire

Registrer deg med din epostadresse under for å få de nyeste sakene fra GlobeNewswire på epost fortløpende. Du kan melde deg av når som helst.

Siste saker fra GlobeNewswire

UPDATE - Eurotunnel entrusts the mid-life renovation of its Passenger Shuttles to Bombardier Transportation20.3.2019 12:53:00 CETPressemelding

BERLIN, March 20, 2019 (GLOBE NEWSWIRE) -- As part of the 2018-2026 mid-life programme, Eurotunnel signed a contract with Bombardier Transportation to renovate nine “PAX” Shuttles. Composed in total of 254 wagons, each 800-meter long shuttle is made up for passengers’ vehicles with passengers remaining in their vehicles during for the 35-minute Channel crossing. In the 25-year period since the opening of the Channel Tunnel, these Shuttles have each travelled an average of 300 round trips per month and have enabled over 236 million passengers to travel very comfortably between France and Great-Britain. The contract is valued at €150 million ($171 million) over a period of seven years. Deliveries of the newly refurbished Shuttles will start in mid-2022 and continue until mid-2026. Teams from Bombardier France and Belgium1 originally designed and built these unique vehicles in the 90’s and launched Bombardier’s activities in France. This year, the company celebrates 30 years since its est

Consumers Love Messaging for Customer Service But Hate its Experience Silo20.3.2019 11:30:00 CETPressemelding

YouGov survey of US and UK consumers reveals that lack of consistent omnichannel experience is the biggest hurdle to faster adoption of messaging for customer service SUNNYVALE, Calif. and NEWBURY, United Kingdom, March 20, 2019 (GLOBE NEWSWIRE) -- eGain (NASDAQ: EGAN), the leading provider of digital-first, omnichannel customer engagement hubs, today announced the findings based on a consumer survey of the use of messaging for customer service. The survey revealed that consumers love the convenience of messaging but struggle mightily with its experience silo. Conducted by YouGov on behalf of eGain, the survey was based on responses from 1777 consumers who messaged a business for customer service in the last 12 months. When asked about their struggles1 when messaging businesses for customer service: 43% hated repeating information across agents or when escalating to other channels; 28% struggled with the speed of response; and 23% were stumped by the relevance of response. Another inte

IMImobile announces availability of its enterprise communications platform IMIconnect on Salesforce AppExchange20.3.2019 09:00:00 CETPressemelding

IMIconnect’s AppExchange app enables Salesforce users to automate two-way customer interactions across 10+ communication channels LONDON, March 20, 2019 (GLOBE NEWSWIRE) -- IMImobile today announced the availability of its enterprise cloud communications platform IMIconnect on Salesforce AppExchange. This can enable businesses utilising the Salesforce Platform to rapidly launch and orchestrate two-way, trigger-based customer communications, across 10+ communication channels including SMS, WhatsApp, Apple Business Chat, In App and Push, amongst others. The IMIconnect for Salesforce App will augment the existing customer interaction capabilities of Salesforce Service Cloud, Sales Cloud, Commerce Cloud and Field Service Lightning to enable proactive customer engagement and reduce the cost of serving customers across touchpoints. Enterprises will be able to automate communications, such as order and delivery notifications for retailers, engineer appointment bookings for utility providers a

Eurotunnel entrusts the mid-life renovation of its Passenger Shuttles to Bombardier Transportation20.3.2019 08:30:00 CETPressemelding

BERLIN, March 20, 2019 (GLOBE NEWSWIRE) -- As part of the 2018-2026 mid-life programme, Eurotunnel is signing a contract with Bombardier Transportation to renovate nine “PAX” Shuttles. Composed in total of 254 wagons, each 800-meter long shuttle is made up for passengers’ vehicles with passengers remaining in their vehicles during for the 35-minute Channel crossing. In the 25-year period since the opening of the Channel Tunnel, these Shuttles have each travelled an average of 300 round trips per month and have enabled over 236 million passengers to travel very comfortably between France and Great-Britain. The contract is valued at €150 million ($171 million) over a period of 7 years. Deliveries of the newly refurbished Shuttles will start in mid-2022 and continue until mid-2026. Teams from Bombardier France and Belgium1 originally designed and built these unique vehicles in the 90’s and launched Bombardier’s activities in France. This year, the company celebrates 30 years since its est

Standard Lithium Engages WorleyParsons’ Advisian for Preliminary Economic Assessment of Its Southern Arkansas Project20.3.2019 08:01:00 CETPressemelding

VANCOUVER, British Columbia, March 20, 2019 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV: SLL) (OTCQX: STLHF) (FRA: S5L), is pleased to announce that it has engaged Advisian, the consulting arm of WorleyParsons Canada Services Ltd (WorleyParsons) to complete a Preliminary Economic Assessment (PEA) of its flagship 150,000 acre project in the south-central region of Arkansas, USA. Advisian is part of WorleyParsons, one of the world’s largest engineering and project delivery firms, servicing the global resource, energy, and infrastructure markets with 26,910 personnel across 115 offices in 42 countries around the globe. Advisian and WorleyParsons have carried out many lithium studies for brine and produced-water projects in North and South America for a range of operating and development-stage clients. WorleyParsons also has extensive experience in planning, developing and building chemical plants in the US Gulf Coast region. Standard Lithium has e

ISSI HyperFlash™ memory has successfully been designed into the NXP i.MX RT106A MCU-based solution for AVS (Alexa Voice Service)19.3.2019 21:30:00 CETPressemelding

MILPITAS, Calif., March 19, 2019 (GLOBE NEWSWIRE) -- Integrated Silicon Solution, Inc. a leader in advanced memory solutions, today announced the adoption of HyperFlash™ memory IS26KL256S-DABLI00 (256Mb 3.3V BGA package) with NXP’s i.MX RT106A MCU based solution for AVS (Alexa Voice Service). The Alexa Voice Service (AVS) is a virtual assistant developed by Amazon that provides cloud-based automatic speech recognition (ASR) and natural language understanding (NLU) to provide information, media playback, communication and smart device control capabilities to consumers. HyperFlash™ memory based on the HyperBus™ technology dramatically improves memory performance while reducing pin count and board space, essential for NXP’s implementation to save BOM cost without compromising performance to do XIP (execute-in-place) operations. “NXP is an important partner for us. We are very glad that NXP adopted our HyperFlash™ solution. HyperFlash™ fits nicely in the application to meet the increasingl