Australia-based magnetite iron ore pellet producer Grange Resources has announced its results for 2011, stating that 2011 was a successful year with record profits and cash generation.
In 2011, Grange's net profit increased to AU$216.6 million (US$234.8 million) from AU$77.5 million in 2010. When the same periods are compared, the company's sales revenues increased by 31.8 percent to AU$410.43 million (US$445.14 million).
Sales volumes for 2011 were lower at 1.7 million mt of iron ore pellets, compared with 2.3 million mt for the previous year, due to lower production at the North Pit in Savage River mine located in Tasmania. The company produced 1.98 million mt of iron ore pellets in 2011.
According to Grange's statement, on December 31, 2011 the company had AU$203.1 million ($220.25 million) in cash and term deposits and AU$44.9 million ($48.7 million) in debt.