Mincor flags H1 earnings turnaround

Nickel miner Mincor Resources expects a return to profitability for the first half of 2009/10, today lifting its profit guidance to $14 million.

The miner also expects gross revenues for the six months to the end of December 2009 to reach $94 million.

The earnings upgrade compares to the previous corresponding period's net loss of $22.7 million on revenues of $100.4 million.

The net loss was attributable to a collapse in the nickel price and one-off non-cash impairment charges against certain mining assets.

Mincor today said it will release its interim report before the end of the month.

The profit upgrade comes days after the company shaved 7 per cent off its production target for 2009/10 to between 12,000 tonnes and 13,000t of nickel-in-ore.

The downgrade was due to a slower than expected production ramp up at Mincor's Mariners mine in Western Australia following a contractor changeover.

Shares in Mincor climbed 9.5 cents, or 6.7 per cent, to $1.505 at 13:43 AEDT.