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MDL watches profits decline in H1

14th August 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX- and TSX-listed Mineral Deposits Limited (MDL) has reported a 36% decline in its net profit after tax for the first half ended June as mineral sands prices declined.

MDL owns a 50% interest in TiZir Limited, which in turns owns an ilmenite upgrading facility in Tyssendal, Norway, and the Grande Cote mineral sands project, in Senegal.

During the six months under review, TiZir’s revenue declined by 11%, to $96.2-million, while underlying net profit after tax decreased by 25%, to $22.4-million.

Looking ahead, MDL noted that during the second half of the year, titanium slag production was expected to reach some 100 000 t, bringing full-year production to 200 000 t, up from the 190 000 t previously predicted.

Sales volumes during the second half were also expected to reach 100 000 t, up 25% on the first half of the year.

Edited by Creamer Media Reporter

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