First Nickel Hits Targeted 2013 Nickel and Copper Production
Increased Nickel Production Forecast for 2014
First Nickel Inc. (TSX: FNI) announced it met all its 2013 targets as it issued the company’s 2013 preliminary production results and outlook for 2014 production goals and costs.
2013 Highlights
- Achieved full production at the Lockerby Mine in Ontario's Sudbury Basin.
- Shipped approximately 242,000 tonnes of ore to Glencore.
- Produced approximately 12.8 million contained pounds of nickel, at the mid-point of the 2013 guidance range of 12.1 - 13.5 million pounds.
- Produced approximately 7.5 million contained pounds of copper, at the mid-point of the 2013 guidance range of 7.2 - 7.9 million pounds.
- The Company expects mine site operating costs1 to be at the lower end of the $55.3 - $60.8 million guidance range.
- Underground development reached the 68-level at Lockerby in December 2013.
- Unrestricted cash balance of $3.5 million as at December 31, 2013, and total liquidity of $8.5 million, including availability under the revolving credit facility.
Summary 2014 Outlook
- Production of between 13.5 and 15.1 million pounds of contained nickel, a 12% increase (mid-point) over 2013;
- Production of between 7.2 and 8.0 million pounds of contained copper;
- GMV1-net production of between 6.8 and 7.6 million pounds of nickel, and between 3.6 and 4.0 million pounds of copper;
- Mine site operating costs1 between $58.1 and $61.0 million;
- Cash production costs2 between $5.22 and $5.74 per pound of GMV1-net payable nickel.
First Nickel Inc. is a Canadian mining and exploration company, whose principal asset is the Lockerby Mine near Sudbury, Ontario. In addition to its Lockerby operation, the Company has a portfolio of projects in the Sudbury district, and elsewhere in Ontario.
For additional information please click on the links:
http://www.theglobeandmail.com/globe-investor/markets/stocks/summary/?q=fni-T
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