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Cairn Hill drives IMX profits in March Q

26th April 2013

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – ASX-listed IMX Resources has reported a record A$13.4-million cash flow for the three months to March, driven by the company’s majority interest in the Cairn Hill copper operation, in South Australia.

The cash flow was influenced by firm iron-ore prices during the quarter, as well as the improved commercial terms received from new buyers.

IMX reported that total volumes mined for the quarter were less than the mine schedule, primarily as a result of rainfall that occurred in February and March this year, with ore mined reaching 399 816 t during the quarter, down 8.6% on the preceding three months.

For the remainder of the year, the mine plan was expected to continue to focus on developing Pit 1 at the current rate of mining activity.

Ore shipped during the quarter was up 17.1% to 455 149 t, compared with the quarter ended December, with IMX saying that six vessels were scheduled for the June quarter and, for the full year ended June, it was anticipated that total tonnage would reach around 1.7-million tons a year.

During the quarter under review, IMX reached an agreement with a drilling service provider to start targeting copper and gold mineralisation beneath the Cairn Hill mine, with three holes planned.

Edited by Creamer Media Reporter

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