Mirabela Nickel Limited has announced its unaudited fourth quarter results for the period ended December 31st 2011.
Highlights:
Full year production within guidance at 15,854 tonnes of nickel in concentrate
Record production of nickel in concentrate for the quarter of 5,029 tonnes (up 9% from Q3 2011: 4,605 tonnes) including record production in December of 2,003 tonnes of nickel in concentrate
Record sales of 5,155 tonnes of nickel in concentrate for the quarter (up 22% from Q3 2011: 4,228 tonnes)
Record total mining material moved of 12.2 million tonnes (up 17% from Q3 2011:10.4 million tonnes) and record ore production of 2.0 million tonnes (up 18% from Q3 2011:1.7 million tonnes)
Average nickel recovery of 60% for the quarter (Q3 2011: 62%)
Unit cash costs of USD 7.42 per pound for the quarter (up 11% from Q3 2011: USD 6.71 per pound) and full year unit cash costs of USD 7.27 per pound
Cash on hand and on deposit of USD 61 million at quarter end (Q3 2011: USD 117 million) and new debt facilities of USD 55 million raised in January 2012
Completion of the desliming and primary crusher upgrade projects delayed until the end of Q1 2012, due to unseasonal high rainfall in Brazil during Q4 2011
Mirabela finished the 2011 financial year with a second successive record production quarter, closing within production guidance at 15,854 tonnes of nickel in concentrate. During 2011 the Company successfully completed the ramp up of the Santa Rita project.
For 2012, Mirabela is targeting 20,000 to 22,000 tonnes of nickel in concentrate with cash unit costs expected to move towards USD 6.0 per pound by the end of 2012. Capital expenditure for 2012 is forecast at USD 60m, comprising sustaining capital (USD 12 million), carry over of 2011 budgeted expenditure (USD 16 million) and mobile equipment rebuilds (USD 32 million).
Mirabela continued its strong safety performance since commencing operations, with only one lost time injury during the quarter. The 12 month moving average Lost Time Injury Frequency Rate closed the year at 1.27, improving from 1.50 at the end of Q3 2011. The all injury frequency rate continued to fall and ended the year at 5.28, a 39% reduction for 2011. Mirabela will continue to target further improvements to this strong safety record through ongoing safety training and safety improvement programs.
Production Statistics
Mining
| Item | Units | Q4 '11 | Q3 '11 | QoQ | YTD '11 |
| Total Material Mined | Tonnes | 12,163,355 | 10,435,162 | 17% | 40,760,646 |
| Ore Mined | Tonnes | 1,997,276 | 1,693,049 | 18% | 5,960,875 |
| Nickel Grade | % | 0.49 | 0.48 | 2 | 0.48 |
Processing
| Item | Units | Q4 '11 | Q3 '11 | QoQ | YTD '11 |
| Total Ore Processed | Tonnes | 1,566,888 | 1,441,399 | 9% | 5,373,204 |
| Nickel Grade | % | 0.53 | 0.52 | 2 | 0.5 |
| Copper Grade | % | 0.15 | 0.14 | 7 | 0.14 |
| Cobalt Grade | % | 0.02 | 0.02 | - | 0.02 |
| Nickel Recovery | % | 60 | 62 | -3 | 59 |
| Copper Recovery | % | 66 | 68 | -3 | 68 |
| Cobalt Recovery | % | 32 | 35 | -9 | 33 |
Production
| Item | Units | Q4 '11 | Q3 '11 | QoQ | YTD '11 |
| Nickel in Concentrate Produced | DMT | 5029 | 4,605 | 9% | 15854 |
| Copper in Concentrate Produced | DMT | 1544 | 1,368 | 13% | 4919 |
| Cobalt in Concentrate Produced | DMT | 79 | 76 | 4% | 273 |
Sales
| Item | Units | Q4 '11 | Q3 '11 | QoQ | YTD '11 |
| Nickel in Concentrate Sold | DMT | 5115 | 4,228 | 22% | 15375 |
| Copper in Concentrate Sold | DMT | 1667 | 1,262 | 32% | 4,859 |
| Cobalt in Concentrate Sold | DMT | 85 | 77 | 10% | 275 |
