Metals X records big loss

TIN miner and failed copper producer Metals X has signed off on a tough half-year with a loss of A$61.6 million.
Metals X records big loss Metals X records big loss Metals X records big loss Metals X records big loss Metals X records big loss

It's all quiet at Nifty after the project was closed in November

Staff reporter

Capital reinvestments of $27 million and impairments and other losses of nearly $34 million were the big contributors to the bottom line result, with the latter comprising care and maintenance costs of $10 million, asset impairments of $15.4 million at Nifty and a rehabilitation provision adjustment of $8.3 million at Renison.

The Nifty copper mine was closed in late November.

The Renison tin operation in Tasmania generated positive earnings of $10.5 million (EBITDA), while Nifty lost $19 million on the same basis.  

On a cash basis, Metals X ended the period in a better position than 12 months earlier with cash and cash equivalents up nearly $30 million to $40.5 million.

However that result was a function of cash flows from financing activities totaling $61.4 million.

Shares in Metals X closed Thursday at 9.9c, capitalising the company at $90 million.

The stock was at 35c 12 months ago.