Nickel giant Minara Resources has lodged a 21 per cent full year profit increase on the back of an improved nickel outlook and has flagged an increase in output over 2011.
Minara reported a $58.9 million profit for the year to December 31, 2010, up from $48.6 million in the prior year.
Revenue was up four pre cent to $464.8 million, from $446.1 million in 2009.
Minara produced 28,378 tonnes of nickel for the year from its Murrin Murrin mine, and said it expected to mine between 33,000 and 37,000 tonnes over 2011.
"Our 2011 production guidance of 33,000 - 37,000 tonnes of nickel produced at Murrin Murrin reflects the benefit of the substantial completion of key de-bottlenecking projects at the processing plant in 2010, including the high density slurry project and the sixth nickel reduction autoclave project," Minara chief executive Peter Johnston said.
"The benefits of these capital investments should be realised over many years to come.
"Additionally, the development of the project's third major ore-body known as Murrin Murrin East will introduce a new source of high grade ore. Processing of this ore is scheduled to commence in the first half of 2011.
"The expected increase in production in 2011 should flow through to reduce unit costs per pound. We continue to focus on the basics, that is safety, cost control and increasing production."
At 09:20AM today Minara shares were up 2.8 per cent, trading at $0.90.
