BC Iron sees increase in net profit for H1 FY 2012-13

Australian iron ore development company BC Iron has announced its financial results for the first six months ended December 31 of the financial year 2012-13, posting a net profit of A$7.74 million, up 42 percent year on year. In the first half, BC Iron's sales revenues amounted to A$103.84 million, increasing by 64 percent compared to the corresponding period of the previous financial year.
 
During the given period, BC Iron completed the acquisition of an additional 25 percent stake in the Nullagine iron ore project, a joint venture with Fortescue, and sold 2.3 million mt of iron ore from the Nullagine JV.
 
For the financial year 2012-13, BC Iron expects the joint venture to produce approximately 5 million mt of direct shipping iron ore with an iron content of 57 percent, with cash operating costs within the range of A$45-50 per metric ton.