Mincor breaks even despite nickel price woes
PERTH (miningweekly.com) – Despite the challenging market conditions and the lowest realised commodity prices since 2005, nickel miner Mincor Resources has delivered a healthy earning for the half-year ended December.
During the interim period, the miner reported earnings before interest, tax, depreciation and amortisation of A$14.3-million, which was on par with the A$14.7-million delivered in the first half of 2013.
Mincor told shareholders that its strong results were underpinned by a strong operating performance, with the miner producing some 5 618 t of nickel in ore during the year, at a cash cost of A$4.46/lb.
Sales revenue for the half-year reached A$52.9-million, compared with the A$55.5-million reported in the first half of 2013, while operating earnings were A$18.26-million.
“Mincor has again been able to weather the storms of market volatility and low commodity prices by delivering strong operating earnings and reporting essentially a break-even bottom line result,” said MD David Moore.
“This is a good result and a great credit to our operating team considering that our average realised nickel price fell to the lowest levels since 2005.”
Moore added that the strong operating performance was a result of Mincor’s continued focus on improving operations, which over the reporting period included shifting mines to continuous roster.
“In parallel with the operational drive, we have intensified our focus on Kambalda exploration, for both nickel and gold, and we see considerable emerging potential, both at our mines and in the broader region.”
Mincor has maintained its full-year production target of between 8 500 t and 9 000 t of nickel in ore.
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