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Consolidated Minerals Ltd post loss

CONSOLIDATED Minerals Ltd announced a loss after tax of $6.5 million for the year ending June 30 2006. Managing director Rod Baxter said that, on an operating level, the major influence behind the loss was the steep drop in manganese prices, which cost the company $80 million. This was partially offset by a 46 per cent increase in manganese production, but overall manganese revenue was still down to $120 million from $147 million in financial year 2004-05. After carrying out a comprehensive review of the company’s business strategy, Mr Baxter said expansion of the nickel business would be a major focus this year.

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