Belvedere Resources Limited, a Canadian-incorporated mining company focused on gold, copper, nickel and cobalt in Finland, announced the restart of its 100 percent owned Hitura nickel mine in Finland. First concentrate has been produced ahead of the rescheduled start time, which was slated for August, and the mine and mill are up to full production.

David Pym, CEO of Belvedere Resources Limited says in the press release: "We are very pleased with the production of first concentrate from the mine. The re-commissioning of the mill was the last remaining milestone in the restart of the Hitura mine. The restart of the mine so soon after the acquisition in February 2010 is due to the hard work and commitment demonstrated by our staff and contractors. The company has now moved to a new level from explorer to nickel producer and looks forward to continuing to further develop its nickel and gold assets in the future.”

The press release also says that Belvedere expects to mine 18,000 tons of ore for the month of July, which is about 40 percent of the full production rate of 45,000 tons of ore per month. This amount of production is expected to be achieved in January 2011. Operations are forecast to produce approximately 2,100 tons of nickel in concentrate in the first 12 months. For the first 18 months of production, Belvedere has a guaranteed price for its nickel concentrates, through a fixed price off-take agreement.

Operations have been forecasted to generate approximately CAD $29 million in revenues in the first 12 months with the production of approximately 2,100 tons of nickel in concentrate. Management has been successful in securing key employees and a large number of former employees are available to mine the location.
The Company has a considerable portfolio of advanced gold properties in Finland and plans to use their mining experience to increase production quantities.

Photo courtesy of Dmitri Melnik