Talvivaara sees more favorable nickel market in longer term

Finland-based nickel and zinc miner Talvivaara Mining Company Plc has announced its financial results for the second quarter and the first half this year, stating that the short-term market outlook appears slightly more cautious than at the beginning of the summer. While the Indonesian ban on nickel ore exports has held well, the Chinese have been able to start sourcing part of their ore requirement for nickel pig iron production from the Philippines. This, in turn, has delayed the nickel market from turning into deficit and contributed to the recent softness in nickel prices. According to Talvivaara, in the longer term, the nickel market continues to look more favorable with stainless steel demand supporting the nickel market better than in the recent times, and an ore export ban being proposed also in the Philippines.
 
In the second quarter, Talvivaara registered a net loss of €14.1 million, narrowing down from a net loss of €27.6 million in the same quarter of 2013. The company's sales revenues amounted to €39.2 million, more than tripling year on year. During the second quarter, Talvivaara produced 3,189 mt of nickel, up 79.6 percent compared to the corresponding quarter of the previous year.
 
During the first six months of 2014, the company's net loss decreased from €51.5 million in the first half of 2013 to €31.2 million, while its sales revenues increased by 68 percent year on year to €68.2 million. In the given period, Talvivaara's nickel production amounted to 6,257 mt, rising by 38.8 percent compared to the same period of 2013.