BC Iron hits target despite heavy rains
PERTH (miningweekly.com) – Junior BC Iron on Monday reported record yearly production for the full year as the Nullagine joint venture (JV) with Fortescue Metals reached its six-million-tonne-a-year nameplate production rate.
For the full year, the Nullagine JV produced five-million tonnes of ore, of which 3.15-million tonnes were attributed to BC Iron.
During the three months to June, production levels for the operation reached a record 1.6-million tonnes, up 12% on the previous corresponding period, despite unseasonal heavy rainfall.
At the end of the quarter, the Nullagine JV had shipped some 8.8-million tonnes of production since its first shipment in February 2011, and BC MD Morgan Ball said that the project was expected to surpass the ten-million-tonne milestone by the September quarter.
“It's pleasing to report a record quarterly operating cash flow of A$85-million which, notwithstanding the prepayment impact, reflects the strong quarter we had despite a volatile price environment and unseasonably wet weather.”
Ball noted that during the quarter under review, the Nullagine JV achieved its targeted production rate of six-million tonnes a year, and its full-year production guidance, which had placed BC’s share at around 3.2-million tonnes.
For 2014, the Nullagine JV was expected to produce between 5.8-million tonnes and 6.2-million tonnes of direct shipping ore, while BC’s capital expenditure had been placed at A$20-million as it plans to undertake grade control drilling at the Bonnie East and Warrigal 1 and 2 deposits, as well as waste mining, haul road improvements and some exploration activity.
“We remain committed to our measured approach to sustainable growth while retaining and enhancing our ability to pay dividends to our shareholders,” Ball said.
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