Photo by: Bloomberg
PERTH (miningweekly.com) – ASX and TSX-listed Champion Iron has reported increased production in the three months to September, as operations at the Bloom Lake mine, in Quebec, returned to full operational capacity.
Bloom Lake produced 2.2-million tonnes of high-grade iron-ore concentrate during the three months to September, up from the 2.1-million tonnes produced in the same period of 2019.
For the six months ended September, production reached just over 4-million tonnes, compared with the 4.1-million tonnes in the previous corresponding period.
Revenue for the three months under review increased from $160.4-million to $311-million, compared with the previous corresponding period, while revenues for the six months ended September increased from $438.3-million to $555.6-million.
Earnings before interest, taxes, depreciation and amortisation reached $197.8-million for the three months under review, and $325.5-million for the six months ended September, compared with the $62.6-million and $229.5-million reported respectively for the previous corresponding periods.
“Our team’s agility in adapting operations is unlocking the full potential of our flagship Bloom Lake mine, resulting in record quarterly production and financial results for our company,” said Champion CEO David Cataford.
“As our focus remains on the safety and wellbeing of our employees, partners and communities, we continue to enforce strict Covid-19-related measures and look forward to deploying our recently delivered rapid testing solution in our continuous effort to mitigate the pandemic-related risks. With our cash on hand rapidly growing, our company continues to diligently advance the Phase 2 expansion project, increasing the cumulative budget to $120-million, which is expected to further de-risk the project.”