Minara Resources has posted record full year production numbers for both nickel and cobalt at its Murrin Murrin operation in Western Australia.
The Perth-based company last year recorded 32,977 tonnes of nickel and 2,350 tonnes production at Murrin Murrin, a joint venture with Swiss company Glencore International.
Minara said that the operation’s production forecast for 2010 calendar year is 30,000-34,000 tonnes of nickel, including two planned maintenance shutdowns scheduled for this month.
“As a result of the consistent production profile Minara achieved record production for both nickel and cobalt for the year,” chief executive Peter Johnston said.
“Minara’s objective for 2010 is to further optimise plant production and to continue to challenge our cost profile.”
Minara’s available cash as of the end of the 2009 December quarter is $247 million, a $45 million improvement over the previous quarter.
The company also highlighted the volatility of the global nickel market, saying nickel spot price opening the reporting period at US$17,565 per tonne, then falling to US$15,810 in early December before recovering to US$18,840 on 31 December 2009.
“The nickel market remains volatile, however, we believe the nickel market fundamentals remain sound over the medium term,” Johnston said.
“Murrin Murrin’s stable production and our strong cash reserves will enable us to explore growth opportunities.”