Grange Resources sees record iron ore concentrate output for Q1
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Australia-based magnetite iron ore pellet producer Grange Resources has announced its production results for the quarter ended March 31, 2012, reporting record iron ore concentrate output.
In the given quarter, Grange produced 573,625 mt of iron ore concentrate, up 64 percent compared to the corresponding quarter of the previous year from the Savage River mine in Tasmania. According to the company, the concentrate production guidance for the year remains between 2.3 to 2.4 million mt.
The company also reported an increase in its iron ore pellet production for the same period. Grange's iron ore pellet production amounted to 511,630 mt, up 60 percent year on year.
Grange stated that in the first quarter, the pellet prices remained strong, averaging US$172.57/ mt. Total sales revenues for the quarter were A$126.2 million. On March 31, 2012 the company had AU$274.2 million ($283.5 million) in cash and term deposits.