Rio Narcea profitable in 2006

Buoyed by nickel revenues, Rio Narcea Gold Mines (RNG-T, RNO-X) made US$70.7 million in 2006, its first annual profit since 2003.

The company took in US$225.7 million in revenues, including US$145.9 million from its Aguablanca nickel mine in southern Spain. The US$70.7 million profit translated to US44 per share.

In 2005, Rio Narcea lost US$42.1 million on revenues of US$105.5 million, following a 2004 loss of US$44.4 million. In 2003 the company made US$3.1 million on revenues of US$60.3 million.

The company shut down its Carles and El Avlle gold mines in northern Spain in December. The operation had produced 50,000 oz. gold during the year. Aguablanca produced 6,400 tonnes nickel and 6,600 tonnes copper in concentrate during the year.