Zinc and nickel producer Terrafame has postponed the annual maintenance of its plants from May to August due to restrictions on gatherings that are intended to curb COVID-19’s spread.
The company, which reported record nickel production in Q1, said neither its operations nor the construction of its batteries chemicals plant have as yet been impacted by the pandemic. However, it is keeping tabs on the evolving nature of COVID-19 crisis, and, if needed, will readily pivot.
In the first quarter of 2020, the Finnish company’s nickel production increased by 14.7pc to 8,362mt from 7,288mt during the same quarter last year. The company’s zinc production also rose by 7.7pc during the quarter to 15,542mt. However, the higher output was offset by lower prices as zinc slipped on the LME through most of the quarter, even though nickel held up during that period, Terrafame reported.
The company reported net consolidated sales of €96.1mn ($103.8mn), increasing by 18.7pc from €81mn in Q1 2019— the result of solid nickel and zinc production volumes.
Terrafame’s EBITDA remained unchanged at €11.3mn in Q1 2020 compared with the same period last year, though EBITDA margins decreased to 11.7pc in Q1 2020 from 14pc in Q1 2019 because of changes in the value of its finished products.
(€1 = $1.08)