MDL widens H1 losses
PERTH (miningweekly.com) – Mineral sands miner Mineral Deposits Limited (MDL) has widened its underlying loss for the six months to June 30, to $14.3-million, as the Grande Côte project, in Senegal, continued to ramp up and the Tizir Titanium & Iron (TTI) facility, in Norway, saw lower demand from the titanium feedstock market.
The company had reported a loss of $2.9-million in the first half of the 2014 financial year.
After a noncash impairment charge of $1.9-million against its investment in World Titanium Resources and the company’s share of its 50%-held subsidiary TiZir’s amortisation of assets recognised, MDL reported a net loss after tax of $16.7-million in the six months under review.
“[This year] was always going to be a transitional year for MDL as Grande Côte ramped up and TTI completed its furnace reline and expansion programme,” said MDL executive chairperson Nic Limb.
“The first-half result has also been affected by the continuing pressure on commodity prices. By the end of the year, we expect all commissioning and the development work to be completed and the company to be well positioned to generate positive earnings and cash flows from its interest in TiZir.”
Operations at Grande Côte would continue to ramp up over the remainder of this year, with a focus on increasing the mechanical availability and throughput capacity of the wet concentrator plant and increasing recoveries of intermediate finished products.
A range of discreet commissioning projects have also been identified and were currently being implemented.
Grande Côte, which started production in March last year, was expected to produce, on average, about 85 000 t/y of zircon and 575 000 t/y of ilmenite when in full production, making it the largest mineral sands project currently under construction.
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