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First Nickel Inc (TSX:FNI) announced the release of its financial and operating results for fiscal year ended December 31, 2012 which showed a revenue of $36.1 million and a net loss of $36.3 million.
First Nickel Inc (TSX:FNI) announced the release of its financial and operating results for fiscal year ended December 31, 2012 which showed a revenue of $36.1 million and a net loss of $36.3 million.
As quoted in the press release:
HIGHLIGHTS FOR FISCAL 2012
- Commercial production: The Company declared commercial production at the Lockerby Mine on July 1, 2012. Prior to commercial production, all revenue and cash production costs were capitalized.
- Revenue: Revenue for the year ended December 31, 2012 was $36.1 million.
- Total cash production costs: Cash production costs were $37.0 million for the year, or $7.971 cash production cost per pound of nickel produced.
- Production: Production at Lockerby yielded 5.8 million pounds of payable nickel and 4.5 million pounds of payable copper in 2012. The Company shipped approximately 199,000 tonnes of ore from the Lockerby Mine in 2012.
- Development: Ramp development totaled 486 metres for the year, and lateral development totaled 1,748 metres during the year.
- Net loss: The Company incurred a net loss of $36.3 million for the year.
- Impairment: The Company recognized a $16.8 million impairment charge on the Lockerby mining property and a $5.0 million impairment charge on exploration properties.
Click here to read the full First Nickel Inc (TSX:FNI) press release.
