Mincor Sees Profit Despite 19% Drop In Nickel Prices

Mining Weekly said Mincor Resources (ASX:MCR) has returned to profitability during the year ended June, despite a 19% drop in realised nickel prices.

As quoted in the market news:

Mincor reported an after-tax net profit of A$0.24-million for the 2012 financial year, compared with a loss of A$23.4-million in the previous year. Earnings before interest, tax, depreciation and amortisation increased to A$32.4-million, compared with the A$16.3-million in 2011.

The miner said that the results were achieved despite a 20% decrease in sales revenue, which fell to A$121.6-million, as a direct result of lower nickel prices during the year.

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