Finland-based nickel and zinc miner Talvivaara Mining Company Plc has announced its financial results for the second quarter and the first half of the current year.
In the second quarter, Talvivaara registered a net loss of €27.6 million, compared to a net loss of €17.5 million in the same quarter of the previous year. The company's sales revenues amounted to €13 million, decreasing by 61.1 percent year on year, reflecting low production volumes and the substantial decrease in nickel prices.
During the first six months, Talvivaara posted a net loss of €51.5 million, compared to a net loss of €32.4 million in the corresponding period of the previous year, reflecting the low nickel price and lower than anticipated level of product deliveries. The company's sales revenues decreased by 44 percent year on year to €40.6 million.
Talvivaara produced 1,776 mt of nickel in the second quarter of the current year and 4,508 mt of nickel in the first six months.
As SteelOrbis previously reported, Talvivaara has reduced its 2013 nickel production guidance to approximately 18,000 mt, while the second half production is expected to increase substantially compared to the first half as newly stacked heaps are taken into production.