Australian iron ore development company BC Iron Limited has announced that in the quarter ended on December 31 it produced 1.08 million mt of iron ore, down one percent compared to the previous quarter, while its iron ore shipments in the December quarter amounted to 1.04 million mt, decreasing by 15 percent quarter on quarter.
BC Iron stated that it remains on track for its production guidance of 5 million mt from the Nullagine iron ore project for the financial year 2012-13. In December 2012, BC Iron completed the purchase of a 25 percent stake in the Nullagine JV from Fortescue, increasing its shareholding in the joint venture to 75 percent. Following the share transaction, BC Iron's share of production from the JV for the financial year 2012-13 is expected to be approximately 3.2 million mt, up from the previously announced 2.5 million mt.
Additionally, BC Iron's annual iron ore exports will increase 80 percent to 4.5 million mt, starting from the financial year 2013-14.