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DJ Minara Says 2Q Murrin Murrin Nickel Output 7,842 Tons

Thu. July 09, 2009; Posted: 08:12 PM
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MELBOURNE, Jul 09, 2009 (Dow Jones Commodities News via Comtex) -- MREJF | Quote | Chart | News | PowerRating -- Minara Resources Ltd. (MRE.AU) said Friday second quarter nickel production from the Murrin Murrin operation in Western Australia rose 7.9% on year to 7,842 metric tons.

Minara has a 60% stake in the mine alongside Glencore International AG (GNC.YY), so its share of production for the quarter was 4,705 tons of nickel.

The Perth-based miner said guidance for full year production from Murrin Murrin remains unchanged at between 30,000 and 40,000 tons.

Costs at the mine for the six months to June 30 fell to US$4.99 a pound from US$5.55 a pound in the six months prior, Minara said.

The company has been cashflow positive for the past six months and had cash on hand on June 30 of A$127.2 million.

"The focus for the remainder of 2009 is to maintain the current consistent production profile at the reduced cost base so we can take full advantage of any improvement in the nickel market," Chief Executive Peter Johnston said in a statement.

-By Alex Wilson, Dow Jones Newswires; 61-3-9292-2094; alex.wilson@dowjones.com

(END) Dow Jones Newswires

07-09-09 2012ET

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