Northern Iron moves to battle lower prices
PERTH (miningweekly.com) – Record quarterly concentrate sales have assisted ASX-listed Northern Iron in offsetting the declining iron-ore price.
Concentrate production during the quarter reached 600 000 t, down from the 626 000 t produced in the previous three months. However, mine production reached 4.4-million tonnes, up 6% on the previous quarter.
The Norway-focused junior on Wednesday reported that about 638 000 t of concentrate was sold during the three months to September, a 5% increase on the June quarter. The new quarterly sales record was the second consecutive record set by the company.
Some seven cargoes were sold to Tata Steel during the quarter, and two more to ArcelorMittal.
Northern Iron said that even with the record tonnage realised during the quarter, the high volume of concentrate produced during the quarter contributed to finished inventory stock of 85 000 t at the end of the quarter, compared with a 131 000 t balance at the end of the June quarter.
During the period under review, the average sales price for the concentrate was down by 11% on the previous quarter, with the reduction in realised prices being driven by the decline in iron-ore prices, down 13% on the previous quarter.
Northern Iron would now move to implement cost improvement initiatives in an effort to lower its costs over the next quarter, with the company also saying it would source financial support to improve its working capital position and for the implementation of identified improvement projects to increase production volumes and lower unit costs.
Article Enquiry
Email Article
Save Article
Feedback
To advertise email advertising@creamermedia.co.za or click here
Research Reports
Projects
Latest Multimedia
Showroom
ATI systems comprises five divisions: electrical assemblies, drives and controls, feedback sensors, enclosures, and strip guiding.
VISIT SHOWROOM
Your global lifecycle technology & service partner for materials & minerals processing equipment for coal, iron ore, copper, manganese & other...
VISIT SHOWROOM
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation
