Sunday, 28 Aug 2011
Assore Ltd, a South African owner of mines, said that its full year profit more than doubled on increasing demand and higher prices for iron ore.
The company, based in Johannesburg, reported net income of ZAR 3.2 billion (USD 440 million) in the year ended June 30, compared with ZAR 1.5 billion a year earlier. Sales gained 47.8% to ZAR 11.2 billion.
Assore, joint owner of manganese producer Assmang Ltd with African Rainbow Minerals Ltd spent ZAR 2.8 billion to develop infrastructure at the Khumani Iron Ore Mine and raise output to 16 million tonnes a year by mid-2012, from 10 million tonnes. While demand in the iron ore market is tight, a recovery in manganese and chrome ore and alloy prices is unlikely.
Power and other costs in South Africa are hurting smelters. Mr Desmond Sacco chairman of Assore said that “We expect challenging economic and trading conditions for the year ahead.”
(sourced from Bloomberg)
Assore Ltd, a South African owner of mines, said that its full year profit more than doubled on increasing demand and higher prices for iron ore.
The company, based in Johannesburg, reported net income of ZAR 3.2 billion (USD 440 million) in the year ended June 30, compared with ZAR 1.5 billion a year earlier. Sales gained 47.8% to ZAR 11.2 billion.
Assore, joint owner of manganese producer Assmang Ltd with African Rainbow Minerals Ltd spent ZAR 2.8 billion to develop infrastructure at the Khumani Iron Ore Mine and raise output to 16 million tonnes a year by mid-2012, from 10 million tonnes. While demand in the iron ore market is tight, a recovery in manganese and chrome ore and alloy prices is unlikely.
Power and other costs in South Africa are hurting smelters. Mr Desmond Sacco chairman of Assore said that “We expect challenging economic and trading conditions for the year ahead.”
(sourced from Bloomberg)
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