LionOre makes $1B in 2006

Year-end results from LionOre Mining International (LIM-T, LOR-L, LIM-A) show revenue of US$968 million, more than double that of 2005.

Net earnings for the year came to US$429 million, US85 per share, against a loss of US$76 million on revenues of US$418 million in 2005.

LionOre produced 34,000 tonnes nickel for the year, during which the price averaged US$24,300 per tonne, 65% higher than the year before. The company-wide cash production cost was US$8,300 per tonne (US$3.76 per lb.).

Two extraordinary items added to the earnings: a tax adjustment of US$18.9 million following a rate cut in Botswana, another tax adjustment of US$20.5 million to reflect lower future income tax, and a US$13.6-million gain on the sale of exploration projects.