Nyrstar SA (EBR:NYR) announced its results for the first half of 2015, commenting that its EBITDA came to 168 million euros, up 53 percent year-on-year.
Nyrstar SA (EBR:NYR) announced its results for the first half of 2015, commenting that its EBITDA came to 168 million euros, up 53 percent year-on-year. According to the company, that rise came on the back of US dollar strength and “continued strong operational performance in Metals Processing.”
Other highlights include:
- Port Pirie Redevelopment continues to be on budget and schedule
- Net debt flat year-over-year with Net Debt / EBITDA substantially improving from 3.1 to 2.0
- Decisive steps taken on Mining programme with reduction in capital and operational improvements implemented and substantial headcount reductions at the suspended Campo Morado and Myra Falls mines
- Net loss of EUR 250 million for the period, primarily as a result of an impairment charge of EUR 418 million related to the Mining segment assets
- Appointment of Bill Scotting, with over 30 years of industry experience and a proven track record in the mining and metals industry, as Nyrstar’s new Chief Executive Officer, effective as of 17 August 2015
Heinz Eigner, acting CEO and CFO of Nyrstar, commented:
Looking forward, in H2 2015 under [incoming CEO Bill Scotting’s] leadership we will continue our focus on the execution and delivery of the initiatives and targets that we have outlined to the market. This includes the deployment of the Port Pirie Redevelopment which remains scheduled for commissioning by the end of H1 2016; key Metals Processing Growth Pipeline projects; and the continuation of the Mining segment turnaround programme with renewed vigour and purpose. Despite the uncertainty and volatility in the global economy during the first half of the year, the outlook for zinc fundamentals remains strong and is expected to steadily improve in the near term as zinc mine supply fails to keep pace with demand growth.