Australian iron ore development company BC Iron has announced its fiscal results for the financial year 2012-13 ended June 30, posting a net profit of A$48.8 million, down 3.5 percent year on year. In the given year, BC Iron's sales revenues amounted to A$325.3 million, increasing by 59 percent compared to the previous financial year.
In FY 2012-13, BC Iron shipped a record five million mt of iron ore and completed the Fortescue transaction of A$190 million for the additional 25 percent stake in the Nullagine iron ore project.
BC Iron expects the Nullagine iron ore joint venture to produce 5.8 to 6.2 million mt of direct shipping iron for the current financial year. In addition, for the financial year 2013-14, capital expenditure of approximately A$20 million is forecast in relation to grade control programs, exploration drilling, haul road improvements and general requirements.