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Belvedere Resources Ltd. (TSXV:BEL) released its financial and operating results for 2012, commenting that it produced 2,282 tonnes of nickel and saw $28.9 million euros in revenue. That’s up from 2011’s 2,157 tonnes and $24.7 million euros in revenue.
Belvedere Resources Ltd. (TSXV:BEL) released its financial and operating results for 2012, commenting that it produced 2,282 tonnes of nickel and saw $28.9 million euros in revenue. That’s up from 2011′s 2,157 tonnes and $24.7 million euros in revenue.
As quoted in the press release:
- Cash increased to EUR2,210,369 (2011: EUR1,508,028) as a result of positive cash flows generated by Hitura operations, after investment and exploration and development expenses of EUR2.6 million.
- General and administrative expenses decreased to EUR1,151,747 (2011: EUR1,232,522) substantially as a consequence of decreases in accounting and audit, legal and investor relations. These decreases were partially offset by higher payroll and travel costs.
- Other Expenses were EUR271,765 (2011: Other income EUR963,365) as a consequence of a lower fair value gain on derivative liability which was partially offset by lower foreign exchange losses.
David Pym, CEO of Belvedere, commented:
Despite very challenging nickel markets, operations during 2012 have resulted in a net income of 1.3 million euros. The mining and exploration teams in Finland have performed well, with record ore tonnes processed at the Hitura nickel mine and several new gold discoveries made by the exploration team during the year.
Click here to read the full Belvedere Resources Ltd. (TSXV:BEL) press release.
