IMX predicts a cash rich year
PERTH (miningweekly.com) – Metals developer IMX Resources has forecast a cash flow of A$34-million from its Cairn Hill joint venture operation for the full year.
The record cash flow, along with the forecast production of some 1.75-million tons of production, would break all previous records for the Cairn Hill operation, despite a challenging economic environment, the company said.
“These stronger than expected financial and production forecasts reflect the hard work that was put into reducing operating costs and maximizing productivity in the first half of the financial year, along with the continued support IMX has received from its employees, contractors and logistics partners at the Cairn Hill operation,” said MD Neil Meadows.
Cash operating costs for the full year were reduced, averaging some A$79/t free-on-board (FoB) for the March quarter, and for the year ended June costs were expected to average A$82/t FoB.
IMX said that the strong rebound in iron-ore prices also contributed to this result, as did improved provisional payment terms for ore sales.
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