Canadian mining company Belvedere Resources Limited has announced its financial and operating results for the quarter ending June 30, 2012.
Accordingly, Belvedere's Hitura mine in Finland, which was expanded in April this year, extending the life of the mine to at least March 2016, produced 596 mt of nickel in concentrate in the three months to June, four percent more than planned production and generating revenues of €7.27 million.
Despite extremely challenging conditions in the nickel market and heavy exploration and development expenditures, the company remained profitable during the second quarter, marking four consecutive quarters of growth for the company, Belvedere said. Overall macroeconomic conditions remain challenging with the continued weakness in the nickel price forecast to continue for the remainder of the year. The company added that Belvedere intends to cut costs further and to continue to increase production at Hitura.