PERTH (miningweekly.com) - The weaker nickel prices have seen ASX-listed Panoramic Resources’ net revenue decline by A$22-million during the first half of the year, to A$94.8-million, while lower production drove down earnings before interest, tax, depreciation and amortisation to A$13.5-million, from the A$35.9-million reported in the previous corresponding period.
Net loss after tax for the interim period also widened to A$13-million, down from the A$3.9-million reported in the first half of 2012.
“The performance by our nickel division in a low Australian dollar nickel price and high input cost environment is a credit to the dedication of the Panoramic team,” said MD Peter Harold.
“This performance has enabled the company to continue to generate positive operating cash flow, reward shareholders with a fully-franked dividend, and advance our gold and platinum-group metals projects.”
Panoramic’s nickel division produced some 9 237 t of contained nickel in concentrate during the interim period, which was 4% lower than the previous corresponding period, owing to the lower-than-forecast production from the Savannah operations.
The average Australian dollar nickel price was also 17% lower than the previous corresponding period, which impacted revenue, the company said.
Looking ahead, Panoramic expected to produce between 18 000 t and 19 000 t of nickel in contained concentrate for the full 2013 financial year.