Northern Iron still focused on shaving costs
PERTH (miningweekly.com) – ASX-listed iron-ore miner Northern Iron has reported an 11% decline in production during the quarter ended March, with the company blaming lower ore grades and unplanned downtime at its Norwegian project.
Concentrate production during the March quarter reached 501 000 t, compared with the 563 000 t produced in the previous quarter, while concentrate sales remained relatively unaffected at 550 000 t, compared with the 552 000 t shipped in the three months to December.
Northern Iron said on Wednesday that despite the challenges, the volume of ore milled during the quarter was 5% higher than the previous corresponding period; however, concentrate production was down 10% on the 2014 figures owing to the lower feed grades.
Looking ahead into the next quarter, the miner said that its focus would remain on completing a primary mill reline shut during May, which was expected to last for six days, as well as coordination along the production chain from pit-to-port to maintain adequate stock to the milling circuit.
Furthermore, Northern Iron’s focus would also be on continued cost improvement initiatives, including the in-housing of analytical services, tyre services, mine fleet maintenance services and increased scrutiny of contractor activities, invoicing and compliance to contract.
The company told shareholders that it would work to preserve cash and reduce costs, while securing financial support from its key stakeholders to restructure and improve its working capital and operating position for the longer term.
Northern Iron in March warned that more work would be required to secure the company’s financial future, despite the implementation of a number of contract renegotiations.
Comments
Research Reports
Projects
Latest Multimedia
Latest News
Showroom
Booyco Electronics, South African pioneer of Proximity Detection Systems, offers safety solutions for underground and surface mining, quarrying,...
VISIT SHOWROOM
Our Easy Access Chute concept was developed to reduce the risks related to liner maintenance. Currently, replacing wear liners require that...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
