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First Nickel makes 2013 targets, predicts growth

By: Northern Ontario Business Staff

 | Jan 21, 2014 - 4:35 PM |
First Nickel hit its 2013 production targets at its Lockerby Mine in Sudbury and is predicting growth for 2014.

In 2013, the company achieved full production at its Lockerby Mine, shipping 242,000 tonnes of ore to Glencore. It produced approximately 12.8 million contained pounds of nickel at the mid-point of the 2013 guidance range of 12.1 to 13.5 million pounds, and produced approximately 7.5 million contained pounds of copper, at the mid-point of the 2013 guidance range of 7.2 to 7.9 million pounds.

The company said full-year financial and operating results will be released in March.

President and CEO Thomas M. Boehlert said in a news release that 2013 was an important year for the company.

“FNI responded to liquidity pressures from lower nickel prices by reducing the number of levels to be developed at Lockerby at this time, renegotiating the ore purchase and sale agreement with Glencore, restructuring and increasing debt facilities and closely managing expenditures,” he said.

In 2014, the company anticipates production of between 13.5 million and 15.1 million pounds of contained nickel, which is a 12 per cent increase over 2013, as well as production of 7.2 and 8 million pounds of contained copper.

Mine site operating costs are anticipated between $58.1 and $61 million. Capital expenditures in 2014 are projected to be approximately $7.2 million, including approximately $3.5 million relating to underground development.

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