Resource News
Minara Resources swings to a profit, exploring growth options
By resourceINTEL · February 26, 2010 · 12:58 am · Leave a Comment
MINARA Resources has posted a net profit of $48.5 million for 2009, compared with a loss of $19.8 million the previous year.
Revenue rose 5 per cent on the year to $446.1m, and the Perth-based miner had cash or cash equivalents of $247.1m at the end of December, compared with $142.5m last year.
Output at Minara’s Murrin Murrin operation in Western Australia was slightly higher on the year at 32,977 tonnes, up from 30,514 tonnes. Cobalt output was also higher at 2,350 tonnes compared with 2,018 tonnes last year.
Minara owns 60 per cent of Murrin Murrin, with commodity trader Glencore International AG owning the remaining 40 per cent.
The operation has had a “solid” start into 2010, and production guidance is for 30,000-40,000 tonnes of nickel, taking into account the planned triennial major plant shutdown scheduled for September-October.
“In 2010, we will continue to focus on all fundamentals and explore opportunities for growth,” chief executive Peter Johnston said.
In addition, Minara continues to review growth plans for Murrin Murrin, including an expansion of the heap leach facility. Minara earlier put expansion plans on hold as a result of plummeting nickel prices and demand…read more at The Australian
