Grange pellet output, sales up
PERTH (miningweekly.com) – Magnetite miner Grange Resources has reported a significant increase in production during the three months to June, with pellet production up 22% on the previous quarter to 614 245 t.
The previous quarter’s production was affected by a ten-day downtime at its Tasmanian concentrator, as part of a yearly equipment shutdown.
During the quarter ended June, pellet sales rose to 609 427 t, compared with the 335 758 t sold in the three months to March, while iron-ore concentrate sales were 39 t, compared with the 40 t sold in the previous quarter.
Grange MD Wayne Bould said on Friday that the strong quarterly production of high-grade ore has allowed for an yearly production rate in excess of 2.5-million tons a year.
“The disciplined placement of cargoes to premium customers has allowed Grange to successfully retain its strong cash position in a market where pellet prices fell as low as $117/t during the quarter,” said Bould.
He noted that the company’s continued focus on maintaining the lowest possible cost of production, without a reduction in productivity, the pragmatic deferral of nonessential capital expenditure, and the judicious maintenance of attaining a quality value premium for pellet sales saw Grange end the quarter with a net operating cash flow of around A$8-million.
“The business is well positioned to leverage any recovery and or stabilisation in the iron-ore market during the second half of 2014. The team is actively pursuing sales opportunities in new markets and continuing to optimise production at competitive unit rates, while always remaining conscious of the requirements to maintain the day-to-day focus on the business basics,” Bould said.
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