Reuters reported that Talvivaara has moved into profit earlier than expected, thanks to higher nickel and zinc prices, though it cut its year output targets as record production was still below its goals.

It swung to a net profit of EUR 25.4 million from a loss of 10.7 million a year ago with nickel and zinc production at quarterly records of 3,211 tonnes and 7,557 tonnes respectively. It said that it now expected full year nickel production of only 11,000 tonnes to 13,000 tonnes down from a previous target of 15,000 and zinc output of 28,000 tonnes to 30,000 tonnes down from previous guidance of 35,000 tonnes to 40,000 tonnes.

Mr Pekka Pera CEO of Talvivaara said that our production ramp-up continued making progress during the third quarter despite the technical challenges we encountered while commissioning the second production line at the metals recovery plant. It still expected to reach annual production of 50,000 tonnes of nickel in 2012.

(Sourced from Reuter)