Australia-based magnetite iron ore pellet producer Grange Resources has announced its results for the first half of 2012.
In the given period, Grange's net profit decreased to A$55.4 million from A$58.1 million in the corresponding period of 2011. When the same periods are compared, revenues from mining operations decreased to A$193.6 million from A$208.9 million registered in the first six months of 2011.
Sales volume for the first six months of the year were lower at 1.2 million mt of iron ore pellets, compared with 700,000 mt for the same period of the previous year, while the average pellet price during the first half was $162.84/mt FOB Port Latta.
According to Grange's statement, in the first half of the current year the company's iron ore concentrate output increased by 38.7 percent to 1.18 million mt, while pellet production reached 1.09 million mt, up 30.6 percent, both compared to the same period of the previous year.