November 16, 2010 / 1:32 PM / 7 years ago

UPDATE 1-Crowflight Minerals Q3 loss widens

* Q3 loss/shr C$0.02 vs C$0.01 last year

* Revenue nearly triples to C$8.5 mln

* Says Bucko mine ops not to start before end of the year

Nov 16 (Reuters) - Canadian junior nickel miner Crowflight Minerals Inc CML.TO posted a wider quarterly loss, hurt by higher costs, and said it would not restart operations at its key Bucko Lake nickel mine before the end of the year.

Last month, Crowflight Minerals had said it would temporarily suspend work at Bucko Lake mine in Manitoba to restructure operations, and there would be no production in the fourth quarter. [ID:nSGE6900FO]

For July-September, the company reported a net loss of C$14 million, or 2 Canadian cents a share, compared with a loss of C$2.9 million, or 1 Canadian cent a share, a year ago.

Revenue, after pricing adjustments, nearly tripled to C$8.5 million, boosted by higher production and a rise in nickel prices.

Nickel production more than doubled to 989,265 pounds, while commercial nickel sales were realized at an average price of $8.97 per pound, up from $7.41 per pound last year.

Cost of sales was C$19.4 million, compared with C$2.5 million last year.

The Bucko Lake mine, which started commercial production in the second quarter of 2009, is estimated to contain proven and probable reserves of 3.7 million tons grading 1.45 percent nickel.

Crowflight Minerals shares, which have lost more than a third of their value in the past three months, closed at C$0.09 on Monday on the Toronto Stock Exchange. (Reporting by Arnika Thakur in Bangalore; Editing by Anne Pallivathuckal)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below