Altona Mining Limited
(ASX:AOH) has delivered its first full year net profit.
In fiscal 2013, net profit after tax was $12.6 million, a significant turnaround on the $25 million loss in 2012.
Altona says the result is a reflection of its transformation from building an commissioning its Outokumpu operations to entering successful commercial production.
The miner booked a $5.5 million write down in the value of nickel resources at the Kumho Nickel Project as a result of lower nickel prices.
Managing director Dr Alistair Cowden says Altona has matured in to a full-fledged producer in a climate where other start-ups have stumbled or failed.
