|
HIGHLIGHTS
-
Mining
production progressed to schedule with increased movement rates.
-
West
wall cutback advanced to deliver ore from main ore zone in Q3.
-
Increase
in average received prices for the quarter of US$124.04/t (A$176.62/t)
(FOB Port Latta) compared with US$117.00/t (A$164.12/t) for the March
2019 quarter.
-
Pellet
production decreased for the quarter to 402kt compared with 453kt for
the March 2019 quarter.
-
Unit
cash operating cost increased for the quarter of A$162.03/t compared
with A$121.48/t for the March 2019 quarter. This was due to a decrease
in concentrate production to 373kt from 481kt for the last quarter and
continued scheduled maintenance works in the processing plants.
-
Pellet
sales decreased for the quarter of 327kt compared with 488kt for the
March 2019 quarter.
-
Cash
and liquid investments of A$149.63 million and trade receivables of
A$24.88 million compared with cash and liquid investments of A$207.01
million and trade receivables of A$17.50 million for the March 2019
quarter.
-
Significant
outlays of approximately A$18.30 million has been made in the quarter
on capital projects including progression of the exploration decline
in North Pit and Caterpillar 789c truck fleet rebuilds. In addition,
final income tax payment of A$24.95 million for the financial year
2018 has been made. The cash balance is expected to increase in the
next quarter with increased shipments following improved production.
-
Exploration
Decline 370-metres in and progressing well.
-
Design
work has commenced to improve air flow in the furnaces.
SAVAGE RIVER OPERATIONS
PRODUCTION
|
|
June Quarter
|
March Quarter
|
December Quarter
|
|
2019
|
2019
|
2018
|
|
Total BCM Mined
|
3,874,527
|
3,229,189
|
3,117,326
|
|
Total Ore BCM
|
423,090
|
468,137
|
414,442
|
|
Concentrate Produced (t)
|
373,347
|
480,585
|
524,413
|
|
Weight Recovery (%)
|
26.8
|
39.3
|
44
|
|
Pellets Produced (t)
|
402,344
|
452,640
|
516,722
|
|
Pellet Stockpile (t)
|
229,920
|
154,192
|
189,351
|
|
Concentrate Stockpile (t)
|
1,228
|
30,642
|
1,158
|
Risk
management processes remain the focus for the operation. Production and
project activity continue to increase onsite and safe work has been
sustained with over 830 days Lost Time Injury Free achieved.
Mining
for the quarter was focused on the west wall cutback. Minor ore lenses of
lower grade material have provided the main ore feed for the last few
months resulting in lower head grade and subsequently reduced pellet
production. The west wall cutback has now been advanced to a position to
begin accessing the Main Ore Zone. This will see a return to the
high-grade ore for the balance of the year, which will support significant
improvement to production.
Opportune
maintenance was undertaken through the quarter to ensure the concentrator
and pellet plant are prepared for full production for the second half of
2019.
SHIPPING AND SALES
|
|
June Quarter 2019
|
March Quarter 2019
|
December Quarter 2018
|
|
Iron Ore Pellet Sales (dmt)
|
326,616
|
487,799
|
465,834
|
|
Iron Ore Concentrate Sales (dmt)
|
45
|
36
|
0
|
|
Iron Ore Chip Sales (dmt)
|
19,465
|
20,658
|
31,102
|
|
TOTAL Iron Ore Product Sales (dmt)
|
346,126
|
508,493
|
496,936
|
|
Average Realised Product Price
(US$/t FOB Port Latta)
|
124.04
|
117
|
112.61
|
|
Average Realised Exchange Rate (AUD:USD)
|
0.7023
|
0.7129
|
0.7198
|
|
Average Realised Product Price
(A$/t FOB Port Latta)
|
176.62
|
164.12
|
156.45
|
The
average price received during the quarter of US$124.04/t (A$176.62/t) (FOB
Port Latta), increased by 6.02% from US$117.00/t (A$164.12/t) for the
March 2019 Quarter.
Continued
demand for iron ore supported an increase in prices achieved during the
quarter. Grange continue to deliver into existing and new secured term
off-take agreements (remaining fully committed for 2019).
Related Link: Official
Document
|
(To contact the reporter on this story: cody.wang@steelhome.cn or 86-555-2238837) |
