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Titan turns

Titan Resources NL has chalked up its first profit in six years, described as a major turnaround for the company which last year had a $11.9 million loss.

Titan registered an operating profit after tax of $1.2 million for the year ending 30 June 1999.

Revenue for the year from its Radio Hill nickel mine was $24 million, achieved by delivering 38,838 tonnes of concentrate.

Titan managing director Bill Ryan said the result was achieved against a backdrop of “very difficult trading circumstances”. The nickel price fell to an eleven year low in October last year and the company was faced with the temporary closure of the WMC smelter in Kalgoorlie – the principal market for its product.

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