Australia’s Mincor Resources NL (ASX:MCR) announced its financial results for the year ended June 30, 2013, commenting that it incurred a net loss after tax of $22.45 million, down from a profit of $0.24 million in the year-ago period. However, the company has a strong outlook for the upcoming year.
According to the press release, other highlights include:
- The after-tax loss before write-offs and impairments was $6.2M – reflecting the 15% drop in average realised nickel prices for the year.
- Nevertheless Mincor achieved a strong operational performance, beating targets and generating 9,688 tonnes nickel-in-ore at cash costs of A$5.34/lbpayable nickel (2012: 10,285t @ A$5.78/lb).
- Cash costs were reduced by a further 7% on the back of the previous year’s 27% reduction.
- Directors maintain unbroken dividend record: fully franked final 2 cps dividend(2012: 2cps).
- Despite the excellent operational performance, earnings from operations were down 34% at $27.88M, due largely to the lownickel price.
- Earnings from operations provided the cash flows to fund $7.5M in dividends, $18.19M in mine capital expenditures and $14.87M in exploration expenditure.
- Mincor endsthe financial year with $59.66M in cash and no debt.