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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.
Belvedere Resources focused on Kopsa assessmentSeptember 02 2013, 1:37pm
Belvedere suspended nickel production from the Hitura mine in Finland in June due to the slump in the price of the metal.
In its statement, the miner said it is closely monitoring the situation and if nickel prices improve to sustainable levels it will re-commence production.
David Pym, Belvedere’s chief executive, said it is now focused on completing the Kopsa gold copper project Preliminary Economic Assessment (PEA) and environmental permitting that will allow processing of the Kopsa ores through the Hitura mill.
Belvedere’s quarter to June reflected the suspension of nickel production at Hitura. Revenues fell to €4.1mln from €7.3mln, from 380 tonnes of production in concentrate, while there was a net loss of €814,000 (€822,000 profit).
Belvedere recently received a financial boost as Chinese giant Jinchuan deferred redemption of preference shares until 2015.
There will be no further redemptions or interest payments unless production resumes during this period, Belvedere said.