Manganese miner OM Holdings expects to post a loss of about $12 million for the 2011 calendar year, due to the high Australian dollar and several one-off costs.
Record production at its Bootu Creek manganese mine in the Northern Territory and Qinzhou smelter in China had been offset by depressed manganese prices because of the Australian dollar's strength against the greenback, the company said in a statement.
The average manganese ore benchmark price in 2011 was down 25 per cent from the previous year, OM Holdings said.
The company's 2011 financial result also will include expenses on one-off items such as legal and professional fees relating to its discontinued Hong Kong market listing.
Those factors would lead to the estimated $12 million consolidated operating loss, OM Holdings said.
A more comprehensive update on the company's 2011 financial performance would be provided in late February, the company said.
