Minara swings to a $48.5m profit
Minara Resources Limited (MRE) reported a profit of $48.5 million for the year ended 31 December 2009, against a loss of $19.8 million for 2008. Minara, which 60% owns and operates the Murrin Murrin nickel cobalt joint venture project in Lenora WA, said the result was driven by record production of 32,977 tonnes of nickel and 2,350 tonnes of cobalt.
CEO Peter Johston said the result was strong in a volatile market.
”We have recorded a good profit, delivered record production, continued to reduce costs across the business and increased our cash reserves,” Mr Johnston said.
Mr Johnston also said that it was a year of consolidation for the company as it focused on safety, production and costs.
“In 2010 we will continue to focus on all the fundamentals and explore opportunities for growth,” Mr Johnston.
Minara said the opportunities would include both the expansion of the Murrin Murrnin mine, as well as external opportunities in Nickel and other base metals.
The company said it was in a strong position, financially, with no debt and cash on hand of $247.1 million at the end of last calendar year.
At 1502 AEDT, Minara Resources shares were down 0.5c at 69.5c.
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