Australia-based iron ore mining company Flinders Mines Limited announced its financial results for the financial year 2011-12 ended on June 30.
In FY 2011-12, Flinders has posted a net loss of A$4.93 million, decreasing by 38 percent compared to the previous financial year. The company's revenues amounted to A$1.5 million, down from A$2.9 million registered in the financial year 2010-11.
According to Flinders' statement, at the company's flagship project, the Pilbara Iron Ore Project (PIOP), the JORC compliant resource increased to 917 million mt at 55 percent Fe, 23 percent higher than the previous year.
In July this year, Flinders announced that the Russia-based steelmaker MMK terminated its A$554 million bid made in November 2011 for Flinders.