Australian iron ore development company BC Iron has announced its fiscal results for the first half ended December 31 of the financial year 2015-16, posting a net loss of A$72.9 million, compared to a net loss of A$96.3 million in the same period of the previous financial year.
In the given period, BC Iron's sales revenues decreased by 13.2 percent year on year to A$115.8 million, impacted by declining Australian dollar iron ore prices and lower shipped tonnages than planned at the Nullagine iron ore joint venture. The lower volume shipped at the Nullagine mine was as a result of the progressive temporary suspension of direct shipping ore mining, coupled with a slower-than-expected ramp-up by the new road haulage contractor. This was partly offset by the significant cost savings achieved at the Nullagine mine and by an increase in revenue from the Iron Valley project due to a full period of shipments when compared to the same period of the previous year.