BC Iron has reported a significant boost in interim net profit, on the back of a maiden operational profit from its Nullagine iron ore joint venture with Fortescue Metals Group.
The Perth-based iron ore miner today announced a net profit of $5.4 million for the six months to December 31, up from $1.2 million the previous corresponding half year.
Managing director Mike Young said the company’s Nullagine operations began to gather momentum during the second half of calendar 2011.
“While the operation is still ramping up, the NJV has already achieved its production guidance targets of 1Mt exported by December 2011 and a throughput rate of 3Mtpa since November 2011,” Mr Young said in a statement.
“It is with great pride that we announce our first operational profit as an iron ore production company.”
Mr Young said the company expected its performance to continue to improve as the Nullagine project ramps up to full production.
At 10:30AM WST, BC Iron stocks were slightly down at $2.62.