Mirabela's losses widen in H1

Nickel miner sinks deeper into red on falling nickel prices, currency costs.

Mirabela Nickel Ltd's net loss widened in the first half on falling nickel prices and a spike in currency exchange costs.  

The nickel miner posted a $US68.9 million loss for the first half to June, which came in 14% higher than the US$60.612 million loss recorded in the previous corresponding period.

It said low nickel prices coupled with lower mining volumes weighed on the result, while it took a US$32.855 million hit on foreign exchange losses and US$21.111 million in interest charges. 

The result came on a 26% fall in revenue to $124.2 million.

The miner will not pay an interim dividend.

The company is tipping full-year production of between 17,000 tonnes and 18,500 tonnes of nickel in concentrate.

It had allocated US$35 million to US$45 million for capital expenditure, exploration and study costs.

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