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Belvedere Resources Limited is a Canadian incorporated mining company with a primary focus on gold, cobalt, copper and nickel in Finland.
Belevedere cuts costs and boosts output to offset tough nickel marketAugust 31 2012, 8:19am
Hitura produced 596 tonnes of nickel in concentrate in the three months to June, 4 per cent over planned production and which generated revenues of €7.27 mln.
Net income for the three months was €822,000 (loss €49,000), though operating income dropped quarter on quarter to €1.12 mln (€2.07 mln). Cash increased by €310,000 to €3.49 mln.
David Pym, Belvedere’s chief executive, said costs were well below the level of 2011, which had helped to offset the "extremely challenging conditions" in the nickel market and also heavy exploration and development expenditure.
He added that weak nickel prices are forecast to continue for the remainder of the year with the tough macro-economic backdrop.
To help mitigate this, Belvedere intends to cut costs further and to continue to increase production at Hitura. The continued weakness in the euro has also partially offset the effect of low nickel prices.
The development of Belvedere's gold and nickel projects will also continue during the remainder of the year, Pym added.
Permitting for the open pit expansion at Hitura is "well advanced" ,while there will be further exploration drilling campaigns on the Finnish gold projects at Rantasalmi, Hirsikangas, Antikanperä and Kangaskylä.
“Underground exploration for near surface resources is to continue on the nickel projects. Metallurgical studies are underway on the Kopsa gold copper property to allow feasibility studies to commence to meet our vision adding gold production to our portfolio in 2014,” said Pym.