Mirabela surges on record output

Perth-based miner Mirabela Nickel was the standout performer on the Australian Securities Exchange today, after it reported record levels of nickel production and sales for the September quarter.

Mirabela announced production of nickel concentrate for the quarter was 4,605 tonnes, up 36 per cent on the previous quarter.

Sales were up 8 per cent to 4,228 tonnes of nickel concentrate, the company said.

Mirabela said it recorded a 15 per cent decrease in unit cash costs for the quarter,, and expected further increases during the fourth quarter.

Shares in Mirabela gained 13 cents, or 9.5 per cent, to close trade today at $1.50.

The company said its processing plant upgrade at its flagship Santa Rita operation in Brazil remained on schedule and on budget, with installation of the second ball mill, second pebble crusher and second Larox filter already completed.

“Mirabela remains on track to achieve the production guidance of between 15,500 and 16,500 tonnes of nickel in concentrate for 2011,” Mirabela said in a statement.

“The company is targeting full production levels by the end of December 2011, with the completion of the project ramp up activities.”