The loss amounted to
Revenue increased seven per cent to
The quarterly loss came as the prices for nickel and cobalt continued to improve from 2013 as many anticipate nickel shortages due to an Indonesian mineral export ban on raw ore exports. Nickel prices are up 35 per cent since the start of the year, while cobalt prices have also increased, gaining 13 per cent year-to-date, reflecting continued demand.
The company said nickel and cobalt production at the Ambatovy was slightly better than the first quarter and increased 26 per cent and 14 per cent, respectively, over the prior year period.
During the quarter,
"During the second quarter, we made clear steps forward in executing our long-term plan to refocus on base metals and our Cuban oil business," president and CEO
"The strong nickel market has had positive benefits in our metals business and we remain committed to ramping up at Ambatovy towards financial completion next year. In
In May, an activist shareholder failed in his attempt to join the board at
A vote held at
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