BC Iron swings back to black

PERTH (miningweekly.com) – Junior miner BC Iron has swung back into the black during the full year ended June, as the company’s Iron Valley operation delivered strong results.

BC Iron on Wednesday reported after tax profit of A$7.1-million from continuing operations, compared with a loss of A$43.9-million in the previous financial year. Including a A$1.4-million charge from the sale of its share in the Nullagine iron-ore project to joint venture (JV) partner Fortescue, BC Iron reported total profit of A$5.7-million, compared with a loss of A$82.7-million in 2016.

Revenue for the full year was up from A$40-million in 2016, to A$64-million, as the Iron Valley operation shipped some eight-million tonnes of ore during the year.

“BC Iron has delivered solid financial results to return to profit on a full-year basis. This outcome was supported by a strong contribution from BC Iron’s Iron Valley royalty stream, which benefited from record production and higher than anticipated iron-ore pricing during the year,” said MD Alwyn Vorster.

“From an operational and corporate perspective, the 2017 financial year was a year of evolution for BC Iron. The company is positioning itself as a diversified minerals company and has made good progress in executing this strategy.”

Vorster said that the company was building momentum at its Buckland iron-ore and port development project, while also creating a presence in the agricultural and industrial mineral space.

The company in March this year entered into a JV agreement with fellow-listed Kalium Lakes over the Carnegie potash project, in Western Australia.