Business
Nickel 28 Announces Financial Results and Large Debt Repayment
TORONTO / Jun 01, 2022 / Business Wire / Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) has released its results for the year en
About this update from Nickel 28 Capital Corp
[{"type":"text","content":"TORONTO / Jun 01, 2022 / Business Wire / Nickel 28 Capital Corp. (“Nickel 28” or the “Company”) (TSXV: NKL) (FSE: 3JC0) has released its results for the year ended January 31, 2022. The Company's President, Justin Cochrane is pleased to announce that “with continued significant cash generation from Ramu in 2021, and higher nickel prices, the Company repaid the first tranche of its Joint Venture debt, and we received our first cash distribution from Ramu.” Mr. Cochrane continued, “operating results from Ramu continue to be exceptional and for this we would like to thank our Joint Venture partner and operator MCC.” Full Year Highlights The Company’s principal asset, an 8.56% joint-venture interest in the Ramu Nickel-Cobalt (“Ramu”) integrated operation in Papua New Guinea, had another outstanding year in terms of production, sales and cash flow. Highlights from Ramu and the Company during the year include: - Full year debt repayment of US$38 million, fully repaying the operating debt balance during the year and reducing the remaining construction debt balance to $73.4 million as at January 31st, 2022. - Production of 31,594 tonnes of contained nickel and 2,953 tonnes of contained cobalt in mixed hydroxide (MHP) placing Ramu as the number one producer of MHP globally. - Total Ramu project revenue of over US$690 million. - Average cash costs for the year, net of by-product sales, of US$2.06/lb. of contained nickel. - Total net and comprehensive income of $11.2 million ($0.13/share) - Strong year end cash balance of US$4.0 million, providing ample liquidity for the Company. “We continue to see significant tightness in the nickel market, with LME nickel prices currently trading above US$12.50 per pound of nickel, approximately 50% higher than the nickel price at this time last year. We are expecting another outstanding year of production, sales and cash flow from our Ramu JV,” stated Anthony Milewski, chairman of the Company’s board of directors. About Nickel 28 Nickel 28 Capital Corp. is a nickel-cobalt producer through its 8.56% joint-venture interest in the producing, long-life and world-class Ramu Nickel-Cobalt Operation located in Papua New Guinea. Ramu provides Nickel 28 with significant attributable nickel and cobalt production thereby offering our shareholders direct exposure to two metals which are critical to the adoption of...