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Champion Iron Announces Q2 2019 Iron Ore Production Report

https://en.steelhome.com [SteelHome] 2019-08-02 10:57:38

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Operations

Record quarterly production of 1,989,400 wmt of high-grade 66.2% Fe iron ore concentrate compared to 1,542,900 wmt in the same period of the prior year.

Focus to improve short-term mine and plant capacity and reliability to maximize operating cash flows during periods of elevated iron ore prices.

Record quarterly recovery of 82.1%, setting a new historical record since Bloom Lake was first commissioned in 2010.

Total cash cost1 of $54.3/dmt sold (Cl) and an all-in sustaining cost1 ("AISC") of $62.8/dmt sold during the first quarter compared to $55.0/dmt and $59.9/dmt, respectively, in the same period of the prior year.

Financial

Net income of $74.2 million for the quarter ended June 30, 2019 compared to $20.7 million in the same period of the prior year.

Attributable earnings per share ("EPS") of $0.09 for the quarter ended June 30, 2019 compared to $0.03 in the same period of the prior year. EPS was affected by non-cash derivative financial instruments revaluation. By excluding this item, EPS would have been $0.14.

Revenues of $277.9 million for the quarter ended June 30, 2019 compared to $150.7 million during the same period of the prior year.

Cash flow from operations after working capital totaling $91.9 million for the quarter ended June 30, 2019, compared to $46.7 million for the same period of the prior year.

Operational Performance

During the three-month period ended June 30, 2019, 8.7 million tonnes of material were mined, representing an increase of 8% compared to the same quarter of the prior year. This increase reflects higher mining equipment availability and a higher utilization rate, attributable to the Company's progress with its mining equipment rebuilding program.

The plant processed 4,780,000 tonnes of ore during the first quarter compared to 4,224,000 tonnes in the same quarter last year. The positive variation of 13% relates to higher average hourly mill throughput further to the implementation of operational improvements designed to increase plant capacity and reliability. The higher throughput was offset by the major planned shutdown during the period.

The Company achieved an average recovery rate over 82.1% during the first quarter compared to 77.1% in the same period of the prior year. The improvement period over period relates to the continuous optimization of the recovery circuit which translated in a record monthly recovery of 84.6% in June 2019 from a 32.1% Fe head grade. The quarterly and monthly recovery rates achieved during the period set a new historical record since Bloom Lake was first commissioned in 2010.

Based on the foregoing, Champion produced 1,989,400 wmt of 66.2% Fe high-grade iron ore concentrate during the three-month period ended June 30, 2019 compared to 1,542,900 wmt in the same period of the prior year.

Production, hourly mill throughput and recovery rate reached record levels during the quarter, despite the second major planned shutdown since commercial production resumed.

Related Link: Official Document


(To contact the reporter on this story: cody.wang@steelhome.cn or 86-555-2238837)
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