NEW YORK Liberty Mines
Inc. remained in the red in the third quarter, when it
processed and shipped 423,265 pounds of nickel before putting
its Timmins Mine on care and maintenance.
The Toronto-based company posted
a net loss of Canadian $8.46 million ($8.44 million) for the
three months ended Sept. 30, a slight improvement from an
C$8.49-million loss in the same period last year as revenue
soared to C$3.87 million ($3.86 million) from C$159,000.
Liberty put its Timmins
operations in Ontario on care and maintenance in mid-August due
to low nickel prices (
amm.com, Aug. 14).
The mines average
year-to-date cash cost was C$8.02 per pound ($8 per pound),
according to the companys financial report.
Three-month nickel traded at
$15,950 per tonne ($7.23 per pound) in Fridays official
session on the London Metal Exchange.
"We continue to face a low nickel price environment that is
delaying the restart of our operations," president and chief
executive officer Chris Stewart said in a statement. "Until
nickel prices recover sufficiently, we will operate in a care
and maintenance mode and preserve the value of our ore."