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Solid start to 2016 for Grange Resources

KEY North-West miner Grange Resourcesmade a solid start to 2016, with March quarter prices up and operating costs per tonne down.
Nanjing Night Net

The Savage River miner has been hit by the iron ore price slump.

It booked a statutory loss of $277.8 million for calendar year 2015 due to big asset writedowns.

The Savage River Mine.

Grange managed an underlying after tax profit of $50.9 million for the year.

It has been working hard on costs, including through a redundancy program to cut up to55 positions.

Itsgraph turned upward in the first three months of the year, with the average price received per tonne up from $75.97 to $80.64.

Cash operating costs dropped to an average $63.27, from $72.73 in the previous quarter.

Burnie-headquarteredGrange’s quarterly report said it had continued its focus on cost reduction during the quarter “with finalising the redundancy and restructuring and optimising the workforce”.

CEO Honglin Zhao said: “Despite continued uncertainty in the industry and the company implementing cost reduction initiatives, including a redundancy and restructure program optimising the workforce, the team achieved set targets and delivered strong results for the quarter.”

The company said the stronger prices were consistent with a rebound in benchmark iron oreprices in China.

Grange said it had secured a second long-term sales contract for 2016 and 2017.

Its share price has spiked upwards since mid-April, in line with the wider ASX metals and mining index as commodities prices have improved.

Ithad $127 million in cash and trade receivables of $14 million on March 31.

This story Administrator ready to work first appeared on Nanjing Night Net.