Sudbury miner First Nickel posted a loss of $9.1 million in 2010.
The company reported “major progress” was made toward fully capitalizing its needs towards full production in the third quarter of this year at its recommissioned Lockeyby Mine in Sudbury.
Last September, the company received a bridge loan of US $5 million from Resource Capital Fund IV L.P. and completed an equity issue for gross proceeds of $28.7 million in November.
No sales revenue was recorded in 2010.
The company recorded only one month of sales revenue for the 2009 fiscal year as Lockerby was placed on care and maintenance in October 2008.
In a March 30 release, First Nickel reports the financing initiatives have put the company in “far superior condition” than the previous year and that they are “well positioned” to take advantage of a strong commodities sector.
.jpeg;w=120;h=80;mode=crop)
