Nickel Mines expects 2020 to be a very promising year with its RKEF projects running at full capacity and Hengjaya nickel rapidly expanding.
The company changed its financial year cycle from June 30th to Dec 31st and released its six-month annual report ending Dec 31st 2019.
Under the RKEF project, the company owns 60pc of Hengjaya nickel and 60pc of Ranger nickel. Total nickel pig iron (NPI) production across the two quarters ending Dec 31st 2019 at RKEF was 152,408mt with 13.6pc nickel grade. Total Nickel metal production at the project 20,988mt during that period.
At Hengjaya nickel, total NPI production reached 80,481mt with 13.6pc nickel grade. Nickel metal production at the mine was 10,957mt during the first half of its fiscal. NPI production at Ranger nickel was 71,927mt with 13.9pc nickel grade. Nickel metal production was 10,031mt during the half year.
Sales at Hengjaya nickel for the six-month period ending Dec 31st 2019 was $132.2mn, with 10,055mt of nickel metal sold. At Ranger nickel, total sales for same period was $125mn, with 9,576mt of nickel metal sold.
Total sales revenue for the six-month period was $236mn, and company’s operating profit for the same period was close to $91mn.