Australian iron ore development company BC Iron has announced its financial results for the financial year 2011-12 ending June 30, posting a net profit of A$50.6 million, compared to a net profit of A$1 million in the previous financial year.
BC Iron stated that it has successfully completed the production ramp-up to 5 million mt per year at its Nullagine iron ore project, a 50-50 joint venture with Australia's Fortescue. The Nullagine iron ore project has completed guidance targets for the financial year, exporting 1 million mt of iron ore and achieving a 3.5 million mt production rate by the first half of the financial year. By the end of the given financial year, the company exported 3.5 million mt of iron ore from the Nullagine JV and the production rate increased to 5 million mt per year.
Regarding the financial year 2012-13, BC Iron expects its Nullagine project to produce 5 million mt of direct shipping ore with a 57 percent Fe content.