Mixed sulphides production for fourth-quarter 2011 was 3% (246 tonnes, Ni+Co contained, 100% basis) lower than fourth-quarter 2010, primarily due to lower ore feed quality and maintenance on the Slurry Preparation Plant. Full-year 2011 production of 38,641 tonnes was a 2% increase over 2010 and a production record at the Moa facility. Finished nickel production was 3% (276 tonnes, 100% basis) higher, and finished cobalt production was 5% (54 tonnes, 100% basis) higher than fourth-quarter 2010. Full-year 2011 nickel production of 34,572 tonnes (100% basis) and cobalt production of 3,853 tonnes (100% basis), were 2% (600 tonnes, 100% basis) and 4% (147 tonnes, 100% basis) higher than the prior year, respectively, and established annual production records at the refinery.
Fourth-quarter 2011 nickel and cobalt sales volumes were 4% (750 tonnes, 100% basis) and 3% (62 tonnes, 100% basis) higher than fourth-quarter 2010, consistent with the finished metal production trends. Full-year 2011 sales volumes also reflected the improvement in production, with nickel sales volumes 2% (1,670 tonnes, 100% basis) higher than the prior year, and annual cobalt sales volumes 4% (326 tonnes, 100% basis) higher in 2011.
The average nickel reference price in fourth-quarter 2011 was 22% (US$2.40/lb) lower than fourth-quarter 2010, reflecting the impact of global economic concerns on market sentiment and the slowing growth of the Chinese economy. The average cobalt reference price was 19% (US$3.23/lb) lower than fourth-quarter 2010. The full-year 2011 average nickel reference price of US$10.36/lb was 5% (US$0.47/lb) higher than 2010, primarily due to stronger global nickel demand, particularly in the first half of 2011, and the average 2011 cobalt reference price of US$16.44/lb was 12% (US$2.30/lb) lower than the prior year due to the rate of supply increasing faster than demand growth.
The net direct cash cost of nickel for fourth-quarter 2011 was 30% (US$1.03/lb) higher than fourth-quarter 2010 due to higher mining, processing and refining costs resulting from higher input commodity prices. The decline in the cobalt by-product credit for the quarter was more than offset by a higher fertilizer by-product credit. The 2011 full-year net direct cash cost of US$4.35/lb was 30% (US$1.00/lb) higher than in 2010, as the impact of higher mining, processing and refining costs and lower cobalt by-product credits were only partially offset by lower third-party feed costs and higher fertilizer by-product credits.
Spending on capital in fourth-quarter 2011 for the Moa Joint Venture was 31% ($5.1 million, 50% basis) higher than the prior-year period, primarily due to expenditures that had been deferred earlier in the year. Full-year 2011 spending on capital was 6% ($2.5 million, 50% basis) higher than 2010, and was directed towards sustaining activities. More >>
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| David V. Pathe-President and CEO |
The average nickel reference price in fourth-quarter 2011 was 22% (US$2.40/lb) lower than fourth-quarter 2010, reflecting the impact of global economic concerns on market sentiment and the slowing growth of the Chinese economy. The average cobalt reference price was 19% (US$3.23/lb) lower than fourth-quarter 2010. The full-year 2011 average nickel reference price of US$10.36/lb was 5% (US$0.47/lb) higher than 2010, primarily due to stronger global nickel demand, particularly in the first half of 2011, and the average 2011 cobalt reference price of US$16.44/lb was 12% (US$2.30/lb) lower than the prior year due to the rate of supply increasing faster than demand growth.
The net direct cash cost of nickel for fourth-quarter 2011 was 30% (US$1.03/lb) higher than fourth-quarter 2010 due to higher mining, processing and refining costs resulting from higher input commodity prices. The decline in the cobalt by-product credit for the quarter was more than offset by a higher fertilizer by-product credit. The 2011 full-year net direct cash cost of US$4.35/lb was 30% (US$1.00/lb) higher than in 2010, as the impact of higher mining, processing and refining costs and lower cobalt by-product credits were only partially offset by lower third-party feed costs and higher fertilizer by-product credits.
Spending on capital in fourth-quarter 2011 for the Moa Joint Venture was 31% ($5.1 million, 50% basis) higher than the prior-year period, primarily due to expenditures that had been deferred earlier in the year. Full-year 2011 spending on capital was 6% ($2.5 million, 50% basis) higher than 2010, and was directed towards sustaining activities. More >>
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