TORONTO (miningweekly.com) – Canadian nickel miner Crowflight Minerals recorded a fourth-quarter net loss of C$22,3-million, compared with a C$28,9-million profit a year earlier, the company said on Thursday.
The net loss figure included a C$33,7-million pre-tax write down on certain assets.
Crowflight owns and operates the Bucko Lake mine, in Canada's Manitoba province, which declared commercial production in June last year, but was suspended in November after the company had trouble ramping up to full production.
The firm used the three-month shut-down at Bucko Lake to complete ramp development, accelerate mine development and upgrade the backfill plant, and announced earlier this month that milling and nickel shipments had resumed.
In the fourth quarter, Crowflight produced 183 000 lb of nickel and sold 287 000 lb of commerical production nickel.
There are no comparable figures for the previous year because the mine had not yet begun production at that point.
Metal revenue for the quarter was C$2,4-million.
This year, Crowflight expects to produce 8,6-million pounds of payable nickel from Bucko Lake, the company said.
The mine should achieve rates of 1 000 t/d of ore in the second quarter, increasing to 1 200 t/d in the second half of 2010.
Shares in the company slid 2,94% on Thursday, to 16,5 Canadian cents apiece by 13:05 in Toronto.
www.miningweekly.com/article/...ss-after-write-down-2010-04-01
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