Mirabela narrows loss in H1
PERTH (miningweekly.com) – Dual-listed nickel miner Mirabela Nickel has narrowed its gross loss during the six months to June, compared with the previous corresponding period, while net loss widened.
Gross loss for the six months under review was recorded at $11-million, compared with the $17.5-million loss in the previous corresponding period, while net loss for the six months to June reached $68.9-million, compared with the net loss of $60.6-million in the corresponding period of 2012.
The ASX- and TSX-listed miner said that its net loss was primarily driven by the gross loss, financing costs and foreign exchange losses.
Mirabela reported that sales revenue for the half-year was down 26% to $124.2-million, as the company sold 8 075 t of nickel and 2 262 t of copper. This was offset by treatment, refining and transport charges of $24.5-million and cost of sales of $110.7-million.
The miner told shareholders that it had completed a challenging first quarter, with lower-than-expected performance at both its openpit mine and processing plant.
The second quarter saw the openpit material movement return to expected levels with the successful reconfiguration of the excavator fleet. Remediation work on the primary crusher and the remediation of the geotechnical fault zone also progressed to plan during the quarter. However, nickel production continued to be restricted by ore quality limitations.
During the six months ended June, some 3.3-million tonnes of ore was milled, at a head grate of 0.47%. Some 8 231 t of contained nickel in concentrate was produced, along with 2 294 t of copper in concentrate and 143 t of contained cobalt in concentrate.
For the full year, Mirabela was expected to produce between 17 000 t and 18 500 t of nickel in concentrate.
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