Nickel spot price fall hits Independence

Nickel miner and metals explorer Independence Group has posted a profit of $16.1 million for the year to June 30, down almost 69 per cent per cent from last year's result of $51.5 million as falling production and spot nickel prices affected revenues.

Independence said a strong second half net profit of $16 million was managed depsite a 25 per cent reduction in realised nickel price and devaluation of listed investments.

Revenue fell by about a third, suprassing $101 million this fiscal year, down from $149.1 million the previous corresponding period.

The company said this reflected a reduction in the average spot nickel prices over the year of $2.75 per pound.

Annual nickel production of almost 8,800 tonnes of nickel metal delivered this year fell short of the 9,275 tonnes the company produced last year.

At the close of trading, shares in the Belmont-based company had fallen 0.69 per cent, or 3 cents, to $4.29.