Nickel 28 Releases Ramu Q3 2024 Operating Performance
Nickel 28 Capital Corp reported Q3 2024 operational results for its Ramu Nickel-Cobalt operation in Papua New Guinea, where it holds an 8.56% joint-venture interest. Q3 production reached 6,880 tonnes of contained nickel and 634 tonnes of cobalt in MHP, showing a decrease from 8,979 and 851 tonnes respectively in Q3 2023. The decline was attributed to a planned shutdown for capital improvements. Sales included 8,685 tonnes of nickel and 798 tonnes of cobalt. Average prices were US$7.37/lb for nickel (17% decrease) and US$11.52/lb for cobalt (31% decrease). Cash cost was US$2.96/lb of nickel, up 7% year-over-year.
Nickel 28 Capital Corp ha riportato i risultati operativi del terzo trimestre 2024 per la sua operazione di nichel-cobalto Ramu in Papua Nuova Guinea, dove detiene una partecipazione in joint venture dell'8,56%. La produzione nel terzo trimestre ha raggiunto 6.880 tonnellate di nichel contenuto e 634 tonnellate di cobalto in MHP, mostrando una diminuzione rispetto a 8.979 e 851 tonnellate rispettivamente nel terzo trimestre 2023. Il calo è stato attribuito a una chiusura pianificata per miglioramenti capitali. Le vendite hanno incluso 8.685 tonnellate di nichel e 798 tonnellate di cobalto. I prezzi medi erano di US$7,37/lb per il nichel (diminuzione del 17%) e US$11,52/lb per il cobalto (diminuzione del 31%). Il costo in contante era di US$2,96/lb di nichel, in aumento del 7% rispetto all'anno precedente.
Nickel 28 Capital Corp reportó los resultados operativos del tercer trimestre de 2024 para su operación de níquel-cobalto Ramu en Papua Nueva Guinea, donde posee un interés en la empresa conjunta del 8,56%. La producción del tercer trimestre alcanzó 6,880 toneladas de níquel contenido y 634 toneladas de cobalto en MHP, mostrando una disminución respecto a 8,979 y 851 toneladas respectivamente en el tercer trimestre de 2023. La disminución se atribuyó a un cierre planificado para mejoras de capital. Las ventas incluyeron 8,685 toneladas de níquel y 798 toneladas de cobalto. Los precios promedio fueron de US$7.37/lb para el níquel (disminución del 17%) y US$11.52/lb para el cobalto (disminución del 31%). El costo de efectivo fue de US$2.96/lb de níquel, un aumento del 7% en comparación con el año anterior.
Nickel 28 Capital Corp는 파푸아뉴기니에서 Ramu 니켈-코발트 작업에 대한 2024년 3분기 운영 결과를 보고했습니다. 여기서 회사는 8.56%의 공동 투자 지분을 보유하고 있습니다. 3분기 생산량은 6,880톤의 니켈과 634톤의 코발트(MHP)로, 2023년 3분기에 비해 각각 8,979톤과 851톤에서 감소한 수치입니다. 감소는 자본 개선을 위한 계획된 가동 중단에 기인합니다. 판매량은 니켈 8,685톤과 코발트 798톤이 포함되었습니다. 평균 가격은 니켈이 US$7.37/파운드(17% 감소), 코발트가 US$11.52/파운드(31% 감소)였습니다. 현금 비용은 니켈이 US$2.96/파운드로, 전년 대비 7% 증가했습니다.
Nickel 28 Capital Corp a annoncé les résultats opérationnels du troisième trimestre 2024 pour son opération de nickel-cobalt Ramu en Papouasie-Nouvelle-Guinée, où elle détient un intérêt de 8,56 % dans une coentreprise. La production du troisième trimestre a atteint 6 880 tonnes de nickel contenu et 634 tonnes de cobalt en MHP, montrant une diminution par rapport à 8 979 et 851 tonnes respectivement au troisième trimestre 2023. Le déclin était attribué à un arrêt planifié pour des améliorations de capital. Les ventes comprenaient 8 685 tonnes de nickel et 798 tonnes de cobalt. Les prix moyens étaient de 7,37 USD/lb pour le nickel (diminution de 17 %) et de 11,52 USD/lb pour le cobalt (diminution de 31 %). Le coût en espèces était de 2,96 USD/lb de nickel, en hausse de 7 % par rapport à l'année précédente.
Nickel 28 Capital Corp berichtete über die Betriebsergebnisse des dritten Quartals 2024 für seine Ramu-Nickel-Kobalt-Betrieb in Papua-Neuguinea, wo es eine Joint-Venture-Beteiligung von 8,56% hält. Die Produktion im dritten Quartal erreichte 6.880 Tonnen enthaltenes Nickel und 634 Tonnen Kobalt in MHP, was einem Rückgang von 8.979 bzw. 851 Tonnen im dritten Quartal 2023 entspricht. Der Rückgang wurde auf eine geplante Stilllegung für Investitionen in die Infrastruktur zurückgeführt. Die Verkäufe umfassten 8.685 Tonnen Nickel und 798 Tonnen Kobalt. Die Durchschnittspreise lagen bei US$7,37 pro Pfund für Nickel (Rückgang um 17%) und US$11,52 pro Pfund für Kobalt (Rückgang um 31%). Die Bar-Kosten betrugen US$2,96 pro Pfund Nickel, ein Anstieg von 7% im Jahresvergleich.
- Capital improvements expected to increase future production capacity
- YTD cash cost decreased 4% to US$3.10/lb of nickel
- Full year production expected to meet 30,000 tonnes guidance
- Q3 nickel production decreased 23.4% YoY to 6,880 tonnes
- Q3 cobalt production declined 25.5% YoY to 634 tonnes
- Nickel price dropped 17% YoY to US$7.37/lb
- Cobalt price fell 31% YoY to US$11.52/lb
- Q3 cash cost increased 7% YoY to US$2.96/lb
- Facility shutdown extended due to contractor fatality
Toronto, Ontario--(Newsfile Corp. - October 28, 2024) - Nickel 28 Capital Corp. (TSXV: NKL) (FSE: 3JC0) ("Nickel 28" or the "Company") is pleased to provide operational results for the quarter ending September 30, 2024 for the Company's largest asset; the Ramu Nickel-Cobalt ("Ramu") integrated operation in Papua New Guinea. Nickel 28 currently holds an
Q3 2024 Ramu Highlights:
- Ramu Q3 2024 production of 6,880 tonnes of contained nickel in MHP, compared to 8,979 tonnes in the same period last year. Decrease due to the planned full shutdown.
- Ramu Q3 2024 production of 634 tonnes of contained cobalt in MHP, compared to 851 tonnes in the same period last year.
- Ramu Q3 2024 nickel sales of 8,685 tonnes of contained nickel, compared to 8,832 tonnes in the same period last year.
- Ramu Q3 2024 cobalt sales of 798 tonnes of contained cobalt, compared to 836 tonnes in the same period last year.
- LME average nickel price of US
$7.37 /lb. in Q3 2024, a decrease of17% from the same period the previous year. - Fast Markets average cobalt price of US
$11.52 /lb. in Q3 2024, a31% decrease from the same period last year. - Ramu Q3 2024 cash cost, net of by-product credits of
$2.96 /lb. of nickel produced as MHP, representing a increase of7% from the same period last year. YTD 2024 cash cost, net of by-product credits of US$3.10 /lb. of nickel produced as MHP representing a decrease of4% from the same period last year.
"Ramu's Q3 production was affected, as expected, by the planned shutdown during the month of September to undertake some capital improvement projects, which are expected to increase Ramu's production capacity. We continue to expect that Ramu's full year production will remain within guidance, being 30,000 tonnes of contained nickel in mixed hydroxide precipitate. Future periods should benefit from the capital improvement projects and result in higher tonnage produced starting next year." stated Nickel 28's Chief Executive Officer, Christopher Wallace. "During the capital improvement project work there unfortunately was a fatality of an external contractor." continued Mr. Wallace. "Investigations were conducted by internal Ramu staff as well as by the Mineral Resource Authority. These investigations extended the length of the shutdown by a couple of days, however the investigations are now complete and Ramu is working back towards full production."
Ramu's operating performance for the period are presented below along with comparison to prior years.
| 2023 | 2024 | |||||||||||
| Q3 | YTD | Q3 | YTD | |||||||||
| Ore Processed (dry kt) MHP Produced (dry tonne) Contained Nickel (tonne) Contained Cobalt (tonne) Nickel Capacity Utilization (% of design1) | 960 22,529 8,979 851 | 2,741 64,622 25,237 2,302 | 790 17,113 6,880 634 | 2,583 56,538 22,717 2,076 | ||||||||
| MHP Shipped (dry tonne) Contained Nickel (tonne) Contained Cobalt (tonne) | 25,183 8,832 836 | 67,779 25,824 2,331 | 21,323 8,685 798 | 62,733 25,215 2,305 | ||||||||
| Cash Cost Actual (2) | $ | 2.77 | $ | 3.24 | $ | 2.96 | $ | 3.10 | ||||
Note 1. Ramu design capacity of 32,600 tonnes/year of nickel contained in MHP
Note 2. Actual cost per pound of nickel contained in MHP net of by-product credits
The figures in the table above have not been audited and are subject to change. As the company has not yet finished any audit or review procedures in respect of the fiscal quarter, the financial information presented in this press release is preliminary, subject to adjustment and may change materially. The information presented above has not been reviewed or audited by the Company's auditor, should not be considered a substitute for reviewed or audited financial statements and should not be regarded as a representation by the Company as to the actual financial results.
About Nickel 28
Nickel 28 Capital Corp. is a nickel-cobalt producer through its
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain information which constitutes 'forward-looking statements' and 'forward-looking information' within the meaning of applicable Canadian securities laws. Any statements that are contained in this news release that are not statements of historical fact may be deemed to be forward-looking statements. Forward-looking statements are often identified by terms such as "may", "should", "anticipate", "expect", "potential", "believe", "intend" or the negative of these terms and similar expressions. Forward-looking statements in this news release include, but are not limited to: statements and figures with respect to the operational and financial results of the Ramu project; statements with respect to the prospects of nickel and cobalt in the global electrification of vehicles; statements related to the repayment of the Company's Ramu operating debt (and the timing thereof); statements related to the Company's attributable cash flow (and the receipt and timing thereof); and statements with respect to the business and assets of the Company and its strategy going forward. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements involve known and unknown risks and uncertainties, most of which are beyond the Company's control. Should one or more of the risks or uncertainties underlying these forward-looking statements materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results, performance or achievements could vary materially from those expressed or implied by the forward-looking statements.
The forward-looking statements contained herein are made as of the date of this release and, other than as required by applicable securities laws, the Company does not assume any obligation to update or revise them to reflect new events or circumstances. The forward-looking statements contained in this release are expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release. No securities regulatory authority has either approved or disapproved of the contents of this news release.
Investor Relations Contact Information:
Nickel 28 Investor Relations
Attn: Christopher Wallace, CEO
Director Tel:+1 604 307 6229
Email: info@nickel28.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/227980
FAQ
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