DJ Minara Resources: 2Q Nickel Output 4,008 Tons, Cobalt Output 275 Tons-Shanghai Metals Market

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DJ Minara Resources: 2Q Nickel Output 4,008 Tons, Cobalt Output 275 Tons

Industry News 11:01:53AM Jul 13, 2010 Source:SMM

CANBERRA, Jul 13 -- Minara Resources Ltd. (MRE.AU) reported Tuesday its share of nickel produced at the Murrin Murrin mine in Western Australia state in the calendar second quarter of 4,008 metric tons fell 15% both on quarter and from the year-earlier period.

It's share of cobalt production of 275 tons in the second quarter fell 16% on quarter and 28% on year.

Minara Resources owns 60% and operates the Murrin Murrin nickel cobalt joint venture project, while Glencore International AG (GNC.YY) owns the 40% balance.

Total production from the mine in the second quarter reached 6,680 tons of packaged nickel, down 15% both on quarter and on year, while cobalt output of 459 tons was down 16% on quarter and 28% on year, it said in a statement.

"Production was impacted by the pipeline failure in one of the four ore-leach autoclave circuits on May 25," which has now been safely restarted, Minara said.

Production guidance from Murrin Murrin for 2010 remains unchanged at the lower end of a range for nickel of 30,000-34,000 tons, which takes into account the impact of the pipeline failure and the budgeted triennial major plant shut scheduled for late 2010, it reported.

Minara was cash flow positive in the second quarter with cash on hand at June 30 of A$363 million, up 32% on quarter. Minara's sales position remains unhedged in both currency and price.

 

Key Words:  cobalt Co  cobalt output   nickel Ni 

DJ Minara Resources: 2Q Nickel Output 4,008 Tons, Cobalt Output 275 Tons

Industry News 11:01:53AM Jul 13, 2010 Source:SMM

CANBERRA, Jul 13 -- Minara Resources Ltd. (MRE.AU) reported Tuesday its share of nickel produced at the Murrin Murrin mine in Western Australia state in the calendar second quarter of 4,008 metric tons fell 15% both on quarter and from the year-earlier period.

It's share of cobalt production of 275 tons in the second quarter fell 16% on quarter and 28% on year.

Minara Resources owns 60% and operates the Murrin Murrin nickel cobalt joint venture project, while Glencore International AG (GNC.YY) owns the 40% balance.

Total production from the mine in the second quarter reached 6,680 tons of packaged nickel, down 15% both on quarter and on year, while cobalt output of 459 tons was down 16% on quarter and 28% on year, it said in a statement.

"Production was impacted by the pipeline failure in one of the four ore-leach autoclave circuits on May 25," which has now been safely restarted, Minara said.

Production guidance from Murrin Murrin for 2010 remains unchanged at the lower end of a range for nickel of 30,000-34,000 tons, which takes into account the impact of the pipeline failure and the budgeted triennial major plant shut scheduled for late 2010, it reported.

Minara was cash flow positive in the second quarter with cash on hand at June 30 of A$363 million, up 32% on quarter. Minara's sales position remains unhedged in both currency and price.

 

Key Words:  cobalt Co  cobalt output   nickel Ni