BC Iron reports record output at Nullagine
JOHANNESBURG (miningweekly.com) – The Nullagine joint venture (JV) in the Pilbara has achieved its five-million-wet-metric-tonne production target for the 2013 financial year and is forecast to increase output to between 5.8-million tonnes and 6.2-million tonnes of direct shipping ore in 2014.
BC Iron, which owns 75% of Nullagine with Fortescue holding the balance, said on Tuesday that 2013 was a record production year for the JV, with its share of output coming to 3.15-million wet metric tonnes.
To date, Nullagine had shipped 8.8-million tonnes over its life and would reach 10-million tonnes in the first quarter of its 2014 financial year, which started on July 1.
The company reported a strong fourth-quarter performance, shipping 1.6-million wet metric tonnes of ore in the three months – a 12% year-on-year increase despite unseasonably wet weather during the quarter.
MD Morgan Ball said that strong cash flows on the back of record production from Nullagine, coupled with the softening Australian dollar, enabled BC Iron to set its first loan repayment at $48-million, which was $30-million more than the required payment of $18-million.
“We enter the new financial year in a very healthy financial position,” Ball commented.
The miner’s cash balance at June 30 was A$138.5-million.
Shares in BC Iron climbed 5% to A$3.36 apiece on Tuesday.
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