16/02/2011 - 09:07

Mincor posts $2.1m interim loss

16/02/2011 - 09:07

Bookmark

Upgrade your subscription to use this feature.

Nickel miner Mincor Resources has posted it's second ever period in the red, with a $2.1 million first half net loss on the back of unexpected operational issues at its Kambalda mines.

Mincor posts $2.1m interim loss

Nickel miner Mincor Resources has posted it's second ever period in the red, with a $2.1 million first half net loss on the back of unexpected operational issues at its Kambalda mines.

In the previous corresponding period, Mincor reported a $14.2 million net profit.

Foreign exchange losses of $7.6 million were also a negative impact Mincor's results, the miner said, while $3.3 million in current exploration expenditure was written off.

Revenue was down to $80.4 million, from $94.4 million in the first half of 2010.

Despite the loss, Mincor will pay a fully franked interim dividend of 2 cents per share, down from 3 cents last year.

"We've had a difficult firest half, and while challenges do remain - especially at Miitel - I am very confident that we are getting on top of them," Mincor managing director David Moore said.

"We now have a lot to look forward to, with new high-grade ore bodies coming into production over the coming year, and the opportunity to build on our exploration successes of the past six months."

At 09:05AM (WST) Mincor shares were down around half a percent, trading at $1.71.

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

Subscription Options