The miner recorded a first-half loss of $A30,000 after depreciation and amortisation charges of $14.6 million.

This compares to a $2.2 million half-year loss a year ago.

Earnings before interest, tax, depreciation and amortisation for the half year were 2.8% lower year on year at $14.4 million on 4.5% lower sales revenue of $52.9 million.

Operating earnings were $18.3 million for the half, compared to $20.6 million a year earlier.

The company stressed that the performance was achieved as global nickel prices hit their lowest mark since 2009.

The average nickel price realised by the company over the six months to December was $7.01 per pound, 15% lower than that received in the previous corresponding period.

“Mincor has again been able to weather the storms of market volatility and low commodity prices by delivering strong operating earnings and reporting essentially a break-even bottom line result,” Mincor managing director David Moore said.

“This is a good result and a great credit to our operating team considering that our average realised nickel price fell to the lowest levels since 2005.

“The strong operating performance is a result of our continued focus on doing things better, which over the reporting period included shifting our mines to continuous roster and numerous other changes.”

Production for the half year totalled 170,000 tonnes of ore grading 3.31% nickel for 5618t of nickel-in-ore, compared to 157,900t at 3.21% nickel for 5063t of nickel a year ago.

This improvement was recorded despite a 5.1% drop in production over the December quarter due to a planned wind-down at the Kambalda operations in Western Australia.

The company said it was well on track to meet its full-year production target of 8500-9000t of nickel-in-ore and to outperform its cost target of $5.30/lb.

Cash costs for the half year were $4.46/lb of payable nickel.

“In parallel with the operational drive, we have intensified our focus on Kambalda exploration – both for nickel and gold – and we see considerable emerging potential, both at our mines and in the broader region,” Moore said.

“At Miitel, we are considering the development of a dedicated drill-drive, which would allow the next 500m of the strike of the South Miitel mineralisation to be drilled out and at Mariners we think we are close to confirming the presence of another high-grade ore zone below our current workings.

“Elsewhere in the Kambalda district, we have a raft of projects ranging from near-development resource-level projects, to early stage high-potential exploration plays, all under active examination.”

Exploration spending for the half was $1.7 million, down from $2.8 million a year ago.

Shares in Mincor were last trading 5.3% higher at 60c.