Grange profits fall in 2012
PERTH (miningweekly.com) - Magnetite miner Grange Resources has reported a 19% decline in revenue for the full year ending December, as commodity prices declined.
The miner said on Thursday that revenue for the period reached A$331.3-million on the sale of 2.4-million tons of iron-ore product, prompting a consolidated profit after tax of A$35.9-million.
This was compared with the revenue of A$410.4-million generated during the previous financial year from the sale of 1.8-million tons of iron-ore products, for a profit after tax of A$216.5-million.
The 2011 financial figures were also impacted by nonrecurring revenues of A$52.1-million from sales made under interim pricing arrangements in 2010.
Grange told shareholders that the July rockslide at its Savage River operations had also increased costs during the second half of the 2012 financial year. The company was able to maintain ore supplies from alternate lower-grade locations during the period, and as a result, no contracted sales were missed.
Larger-than-anticipated volumes of higher-grade ore were extracted from the North pit during the second half of the year, which increased production and delivered stockpile attainment in excess of the revised mine plan.
During the second half of the year, Grange also optimised the delays resulting from the July rockslide by rescheduling capital projects and maintenance opportunities in order to rebalance and de-risk the mine plan into the first quarter of 2013. This saw major prepatory works completed for the AG-mill change-out and the relocation of 900 m of the slurry pipeline beyond the operational footprint of the life-of-mine pit shell.
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