Talvivaara Mining reports €7.09 million first-quarter operating loss

By Caroline Salls

Pittsburgh, May 28 - Talvivaara Mining Co. plc reported a €7.09 million operating loss for the three months ended March 31 on €29.01 million in net sales, according to a company news release.

In comparison, Talvivaara posted a €19.99 million operating loss for the three months ended March 31, 2013 on €27.61 million in net sales.

The company had €1.07 million in cash and cash equivalents as of March 31, down from €5.87 million at Dec. 31 and from €68.69 million at March 31, 2013.

"Our first-quarter 2014 results reflect an operationally steady period with best nickel and zinc production since Q3 2012," chief executive officer Pekka Pera said in the release.

"Our financial results continued to be impacted by the weak nickel price that persisted through most of the first quarter and the yet limited production volumes obtainable from the currently functioning two primary heaps, resulting in an operating loss of €7.1 million.

"However, our cost profile compared to the year before confirmed substantial savings as a result of our ongoing work towards better operational efficiency, and the write-downs recognized on our fixed assets at year-end 2013 resulted in a considerable reduction in depreciation.

"All-in-all, though, we cannot be content with the results achieved, but must strive for further improvements with the target of eventually being able to operate profitably also during the lows of the commodity cycles."

Helsinki-based Talvivaara Mining is a base metals producer with its primary focus on nickel and zinc.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.