Add to watchlist:

Only registered members can add into watchlist !

Register here !
Belvedere Resources
Deal Belvedere Resources Tax Free* Losses can exceed
your initial deposit
*subject to change and depends on individual circumstances.

Belvedere Resources Limited is a Canadian incorporated mining company with a primary focus on gold and nickel in Finland.



Belvedere Resources to mull options at Hitura

Releasing first quarter results, chief executive David Pym told investors: 'Despite good performance at the mine in Q1, low nickel prices have subsequently forced the suspension of mining operations at Hitura.'

Belvedere Resources (CVE:BEL) says it is assessing putting ore from its Kopsa gold project through the Hitura mill in Finland.

It comes after the firm last week announced the suspension of mining at the Hitura nickel mine in response to the low nickel price.

Releasing first quarter results, chief executive David Pym told investors: "Despite good performance at the mine in Q1, low nickel prices have subsequently forced the suspension of mining operations at Hitura. 

"Management is closely monitoring the situation, and should nickel prices improve sufficiently during the lay-off period, the company intends to re-commence production. 

"Meanwhile, management continues to focus on bringing forward its gold projects, and in particular the Kopsa gold project, for which the results of several key studies are expected over the coming months."

These studies will better inform a decision on the economic viability and likely capital requirements associated with exploitation of the Kopsa gold deposit, the firm said.

In terms of any restart to nickel operations, the firm said capital requirements to begin again are expected to be minimal and cash flows from any operational restart would be expected to resume late in the third quarter.

"If by the end of the lay-off period (late August 2013) nickel prices have not improved to support a full restart, the company will be forced to consider its options including a limited restart of operations to mine high grade ores and/or consider full closure," it said.

For the three months to end March, Belvedere posted revenue of €6 million (Q1, 2012: 8.8mln) and a net loss of €346,000 (2012: profit of €1.3 mln).

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.