Australian iron ore development company BC Iron has announced its fiscal results for the financial year 2014-15 ended June 30.
Accordingly, BC Iron registered a net loss of A$158.5 million compared to a net profit of A$71.8 million in the previous financial year. In the given year, BC Iron's sales revenues amounted to A$281.2 million, down 40.3 percent year on year.
BC Iron stated that the fall in iron ore prices and the operational challenges experienced at the company’s Nullagine Joint Venture (NJV) impacted its financial results. Meanwhile, BC Iron completed the acquisition of Iron Ore Holdings (IOH) during the year, acquiring the Iron Valley and Buckland projects, as well as A$24.3 million in net cash. These long-life assets materially increased the company’s ore reserves and mineral resources, secured a long-term future in the Pilbara and provided immediate income via Iron Valley.