PERTH (miningweekly.com) – Magnetite miner Grange Resources has swung to a profit after tax of A$92.9-million for the 2016 financial year, compared with a loss of A$227.8-million in 2015.
ASX-listed Grange on Tuesday reported revenues of A$276.3-million for the full year, compared with the A$205.6-million reported for the prior financial year, with a new sales record of 2.75-million tonnes achieved in 2016.
This was compared with the 2.36-million tonnes sold in 2015.
In addition to the record sales tonnage, Granges’s product also attracted an average product price of A$98.06/t, compared with the A$87.23/t achieved in the previous financial year.
C1 cash costs for the year were up from A$77.18/t to A$79.13/t in the 2016 financial year, as lower production rates resulted in increased cash costs, despite continued cost control discipline.