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Panoramic widens losses in 2013

29th August 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Nickel miner Panoramic Resources has widened its losses during 2012 as the weak nickel price continued to erode profitability.

The ASX-listed miner reported that net loss after tax had increased to A$31.7-million, compared with the A$18.2-million reported in 2012, as revenue from nickel sales nearly halved from A$233-million in 2012 to A$181.8-million in the full year to June.

Nickel production for the full year was on par with 2012 production at 19 561 t, with nickel sales reaching 18 959 t, compared with the 19 820 t sold during the last financial year.

Commenting on the results, Panoramic MD Peter Harold said that despite the average nickel price being 15% below last year’s average, and sold nickel being some 4% lower owing to shipping schedules, Panoramic’s nickel division still managed to generate A$23-million in free cash, which he said were commendable results.

For 2014, Panoramic expected to produce between 20 000 t and 21 000 t of nickel concentrate.

Edited by Creamer Media Reporter

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