Skip to main content

Atlantic Nickel continues record performance in 1H22

Published by
Global Mining Review,


Atlantic Nickel and Appian Capital Advisory LLP have announced record operating and financial performance in 1H22 at the company’s Santa Rita nickel sulfide mine, located in Bahia, Brazil.

Santa Rita is one of the very few long-life nickel sulphide mines in operation globally, boasting 35 years of mine life producing between 20 – 35 000 tpy NiEq contained in concentrate. Based on an NI 43-101 technical report completed in 2021, the operation mines an eight-year open pit with an NPV8 of US$570 million, then transitions to 27-years of underground sublevel caving operations with an NPV8 of US$812 million. Capital expenditure over the first five years of the underground is US$332 million and expected to be fully funded out of operating cash flow.

Appian also owns Mineração Vale Verde (MVV) and its Serrote copper gold mine in Alagoas, Brazil (Serrote), which completed construction ahead of schedule and under budget and achieved first production in 2021.

Atlantic Nickel H1 2022 performance highlights:

  • Safety performance among the best in the industry with LTIFR of 0.37 over the past 12 months.
  • Great Place to Work certification obtained in early 2022.
  • EBITDA for first half of 2022 at US$105 million on US$213 million of revenue.
  • Santa Rita produced 57 600 dmt of nickel concentrate containing 8000 t of nickel, and 2400 t of copper with cobalt, gold, palladium, and platinum by-products.
  • C1 cost performance of US$4.95/lb payable Ni net of by-products for the period.
  • The company remains debt free and well positioned for further growth.

Paulo Castellari, CEO of Appian Capital Brazil, comments:

“I am delighted to report another record half for Atlantic Nickel, building on our strong performance in 2021. Most importantly, we have achieved this while maintaining our industry leading safety and environmental record, with a strong focus on employee welfare and one of the lowest carbon footprints in the sector.

“The operational and financial results not only reflect the quality of the asset, but also the hard work of the Atlantic Nickel team, maintaining our robust C1 cost position against a backdrop of global inflationary pressures and the ongoing impact of the pandemic. Santa Rita is one of the leading nickel sulphide mines globally and I am incredibly excited about its further potential through the underground expansion.”

Read the article online at: https://www.globalminingreview.com/finance-business/05082022/atlantic-nickel-continues-record-performance-in-1h22/

You might also like

 
 

Embed article link: (copy the HTML code below):


 

This article has been tagged under the following:

Nickel mining news South American mining news Brazilian mining news