Perth-based Minara Resources Ltd, the second-largest nickel producer in Australia, has announced its profits for 2006 were boosted more than seven-fold owing to higher nickel and cobalt prices.
In a statement to the Australian Stock Exchange, the company said its net profit in the 12 months ended December 31 surged to A$339 million (US$267 million) or A$0.725/share, from A$43 million or A$0.93/share a year earlier.
The profit was also underpinned by improved plant performance, particularly in the second half of the year. Minara`s principal activities during the period were the operation of its Murrin Murrin nickel/cobalt mine, exploration for nickel directly and through joint ventures with third parties, and research & development of nickel/cobalt heap-leaching and other hydrometallurgical methods of nickel extraction.
It added that sales more than doubled to A$752 million.
source news : mining-journal.com
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