Mincor’s half-year filing showed the miner erasing debts and turning a profit on the back of a rising nickel price, stronger production and lower operating costs.
The nickel miner this morning posted a full-year profit of $1.85 million, bouncing back from last year’s $22.5 million loss. The result was achieved thanks to a 11.3 percent jump in revenue to $110 million. Mincor produced 10,219 tons of nickel over the year up from last year’s figure of 9688 tons and cash costs were $4.96 a pound, down from last year’s $5.34 a pound.
The day’s biggest mover was the nickel 3-month price which dropped by 3.2 percent on Wednesday, August 13 to close at $18,950 per metric ton on the LME. Following a 1.9 percent rise on Wednesday, the spot price of nickel closed on the LME at $18,845 per metric ton. The cash price of primary Indian nickel declined 0.4 percent to INR 1,160 ($18.94) per kilogram.
Chinese stainless steel prices closed flat for the day. For the fifth day in a row, the price of Chinese ferro-chrome remained essentially flat at CNY 8,300 ($1,348) per metric ton. The price of Chinese ferro-moly continues hovering around CNY 145,000 ($23,543) per metric ton for the fifth day in a row.
The Allegheny Ludlum 316 stainless surcharge was unchanged at $1.28 per pound. The price of Chinese 316 stainless coil saw essentially no change for the fifth day in a row, remaining around CNY 26,000 ($4,222) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless coil held flat at CNY 16,400 ($2,663) per metric ton. The price of Chinese 316 stainless steel scrap remained essentially flat at CNY 16,100 ($2,614) per metric ton. For the fifth consecutive day, the price of Chinese 304 stainless steel scrap held flat at CNY 16,400 ($2,663) per metric ton.