Highlands posts $11M profit

HIGHLANDS Pacific has posted a net profit of $US10.3 million ($A10.51 million) for the 2010 calendar year, up from $1.1 million in 2009.
Highlands posts $11M profit Highlands posts $11M profit Highlands posts $11M profit Highlands posts $11M profit Highlands posts $11M profit

The company made a gain of $18 million on a reversal of impairment at its Xtrata-led Frieda copper project and gained $1.2 million as the Australian dollar appreciated against the greenback.

The pre-feasibility study indicated a 60 million tonne copper-gold throughput in the first eight years with output averaging 246,000 tonnes per cubic metre and 379,000 ounces of gold.

Meanwhile, legal wrangling held up Highlands' progress at its Ramu nickel-cobalt project, but the company is confident things can get underway in the June quarter of this year.

It has cash reserves of $21 million, down from $24 million in 2009.

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