Silver Mountain receives go-ahead to restart Reliquias mine in Peru
Once restarted, the Reliquias project would deliver approximately 2.2 million oz. of silver-equivalent production annually over a nine-year life.
Finland’s Talvivaara missed Q2 earnings expectations and produced 3,951 tonnes of nickel in the quarter adding that its nickel output for the year will be towards the lower end of its 22,000 to 28,000 tons guidance.
The miner warned that the short term outlook for nickel – which has declined to its lowest level in 2011 at around USD 21,000 per tonne – is uncertain and volatility across the base metals complex is likely to remain high. On the other hand, the global nickel market has remained in a deficit throughout the first half of the year with LME nickel stocks currently around their lowest levels since early 2009.
Highlights
Q2 2011
- Nickel production of 3,951t despite an extended maintenance and upgrade stoppage in April-May; all planned measures at the metals recovery plant completed
- Net sales of EUR 37.6m adversely impacted by a high nickel inventory at the end of the quarter caused by a maintenance stoppage at Norilsk Nickel Harjavalta and a decrease in nickel price
- Operating loss EUR (1.2)m
- Acquisition of an additional 4% shareholding in the operating subsidiary Talvivaara Sotkamo Ltd from Outokumpu Mining Oy for EUR 60 million in June; option to acquire Outokumpu’s remaining 16% shareholding in Talvivaara Sotkamo Ltd for EUR 240 million
H1 2011
- Nickel production of 8,166t, up 245% versus H1 2010
- Net sales EUR 104.1m (H1 2010: EUR 46.9m)
- Operating profit EUR 10.4m (H1 2010: EUR 0.2m)
Highlights after the reporting period
- Talvivaara was included in the OMX Helsinki 25 index of the Helsinki Stock Exchange from 1 August 2011 onwards
Click here for detailed Talvivaara Mining Company Interim Report for January-June 2011.
Image of the Talvivaara works courtesy of the company.
