Cloncurry Into Black On Copper Successes

The Age

Wednesday March 5, 1997

BARRY FitzGERALD, AAP

A strong second half from its new Queensland copper project has enabled Cloncurry Mining to post a maiden profit of $794,000 for the year to 31 December.

The profit represents a turnaround from the loss of $1.13 million previously and reflects a second-half profit of $1.64 million that offset the first-half loss of $854,000.

Production of copper cathodes at the company's Great Australia mine started on 19 March. Nominal capacity of the solvent extraction and electrowinning operation is 450 tonnes a month.

But in the second half, production was more than 500 tonnes a month. Operating costs have been held below 68 US cents a pound of copper cathode.

The group's hedging program and improved copper prices delivered an average realised price in the fourth quarter of $US1.11 a pound ($A1.42). An increase in profit for 1997 is expected.

* AAP reports: The mineral sands and chemicals group Ticor posted a disastrous net loss of $22.69 million for the 1996 calendar year compared with a $687,000 net profit in 1995.

Ticor said a combination of operational problems at its Southern Colliery of German Creek in southern Queensland, a dramatic decline in the titanium dioxide pigment prices to historically low levels and a higher-than-expected Australian dollar pushed revenues significantly lower.

Ticor said the operating loss was despite production gains and a significant decrease in net interest to $14.92 million from $34.14 million in 1995.

Sales revenue fell 16.5 per cent to $238.06 million.

Sales at Ticor's energy division fell to $87.1 million compared with $107.1 million in 1995.

However, Ticor predicted a return to profitibility in 1997.

© 1997 The Age

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