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Grange breaks more production records

20th January 2015

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

  

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PERTH (miningweekly.com) – Magnetite miner Grange Resources has reported another record-breaking quarter at its Savage River mine, in Tasmania.

The miner this week reported that concentrate production during the quarter reached 705 965 t, compared with the 691 348 t delivered in the previous quarter.

The record December quarter production delivered an yearly production of 2.6-million tonnes, an all-time record, Grange said.

Pellet production reached 595 429 t during the quarter, down from the 627 277 t produced in the September quarter, while yearly production was recorded at 2.34-million tonnes, an 18% increase on the previous year.

“Strong sales have been sustained through the current volatile market. This highlights the strong demand for our quality product,” said Grange chairperson and interim executive director Michelle Li.

“The team has safely delivered record production rates at reduced costs, placing our business in a strong position for the start of 2015.”

A total of 640 623 t of pellets and 50 t of concentrate were sold during the December quarter, with average prices received estimated at $91.34/t.

“Our cost reduction initiatives have enabled us to achieve better margins than this time last year, despite the drop in iron-ore prices. While we are strategically well positioned to capitalise on any recovery in the iron-ore market, we will continue to look for efficiencies and cost reductions while we are committed to maintaining our key infrastructure,” Li said.

Edited by Creamer Media Reporter

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