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Liberty remains in red ink as it idles Timmins nickel mine

Keywords: Tags  Liberty Mines, nickel, Timmins, Chris Stewart, thorsten schier

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 (, Aug. 14).

The mine’s average year-to-date cash cost was C$8.02 per pound ($8 per pound), according to the company’s financial report.

Three-month nickel traded at $15,950 per tonne ($7.23 per pound) in Friday’s 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."

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