Ravensthorpe proves a profit spinner

Canada's First Quantum Minerals booked a $US117.3 million pre-tax profit on its Ravensthorpe nickel mine last year, before a burst acid tank forced its temporary closure in December.

First Quantum released its December-quarter financial results late on Friday, with a substantial increase in operating profits at Ravensthorpe one of the highlights of its year.

The $US117.3 million profit does not include finance costs, or the $US7.3 million in corporate taxes First Quantum said it paid on its Australian operation.

The result highlights the strength of Ravensthorpe last year, before it was crippled by a burst acid tank that temporarily shut the entire facility and has knocked out a secondary processing line for at least six months.

Last year's result is a 258 per cent increase on the $US32.8 million operating profit Ravensthorpe booked in 2013.

Ravensthorpe will run at 70 per cent of its nameplate capacity until it can bring the secondary circuit bank on line later this year.

First Quantum did not put a figure on the total cost of bringing the mine back to full capacity, but booked an $US8.5 million cost against its 2014 financial results, including a $US5.3 million impairment charge on the asset.