ALBIDON Limited has realised

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Nickel mine mints $13.3m
By CYNTHIA MWALE

ALBIDON Limited has realised US$13.3 million from the sale of 14,257 tonnes of Nickel concentrates from the Munali Nickel Project in Mazabuka.

Managing director Alasdair Cooke said Munali Nickel Mine, which was re-opened on March 26, has maintained an excellent safety record.

President Banda officially re-opened the mine.
Mr Cooke announced the earnings in the company’s interim financial statement for the six months ended June 30, 2010.

Mr Cooke said during the six months under review, Munali Nickel Mine mined a total of 255,169 tonnes of ore at 0.79 percent nickel and processed 267,200 tonnes of ore.

He said the company produced a total of 14,257 tonnes of nickel concentrates at 7.80 percent nickel.
Mr Cooke said all the concentrates have been sold to Jinchuan and US$13.3million has been earned from the sales for the period.

The report indicates a substantial increase in revenue to US$13.3 million this year from US$2.9 million last year during the same period under review.
Meanwhile, the company has announced that it expects its shares to re-commence trading on Australian Stock Exchange (ASX) on October 14, subject to final approval by ASX.

The date has been set two days subsequent to the Company’s 2010 annual general meeting to ensure any issues raised at there can be addressed before re-commencement of trading.

A presentation to update shareholders on progress at Munali and corporate activity is expected to follow the official proceedings at the AGM.

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Albidon 1H10 earnings up 359% from Nickel mine

Managing director, Alasdair Cooke, said Albidon Ltd has realized a total of US$13.3 million in revenue, representing a substantial increase of 359% from US$2.9 million last year (2009) during the same period under review. This was from the sale of 14,257 tonnes of nickel concentrates from the Munali Nickel Project in Mazabuka.



The mine which was re-opened on March 26, has maintained an excellent safety record. Cooke said during the 1H10 period under review, Munali mine mined a total of 255,169 tonnes of ore at 0.79 % nickel and processed 267,200 tonnes of ore.



He said the company produced a total of 14,257 tonnes of nickel concentrates at 7.8% nickel which were all sold to Jinchuan, earning US $13.3 million from the sales for the period.



Meanwhile the company has announced that it expects its shares to re-commence trading on the Australian Stock Exchange (ASX) on October 14, subject to final approval by ASX