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Royal Nickel Corp. (TSX:RNX) released its Q3 2015 results, commenting that it incurred a net loss of $1.5 million, or $0.01 per share, during the period. That’s down slightly from a net loss of $1.6 million in the year-ago quarter.
Royal Nickel Corp. (TSX:RNX) released its Q3 2015 results, commenting that it incurred a net loss of $1.5 million, or $0.01 per share, during the period. That’s down slightly from a net loss of $1.6 million in the year-ago quarter.
According to President and CEO Mark Selby, the company continues to make progress despite tough market conditions:
RNC continued to make significant progress during the third quarter despite weak market conditions. We closed a $13 million financing with Orion Mine Finance, signed an MOU with DF-Ausenco and are making good progress on the work required for a fixed price EPC Lump Sum Turnkey Proposal for Dumont, continued our work with Swedbank to advance preparations to launch a bond financing when nickel market conditions are ready, and we made multiple high grade Ni-Cu-PGE discoveries at our West Raglan project.
While the environment for commodity prices, including nickel, remains weak, we continue to see signs that the nickel market may be turning the corner as a number of physical Chinese nickel market indicators have improved and LME nickel inventories have dropped over 40,000 tonnes since peaking in June at 470,000 tonnes.
Targeted future milestones are as follows:
- Completion of partnership and financing arrangements;
- Estimated construction schedule of 24 months post successful permitting, securing financing and completion of detailed engineering;
- Project commissioning is expected to begin in ten to eleven quarters after permits and financing are in place
Click here to read the full Royal Nickel Corp. (TSX:RNX) press release.