31/08/2012 - 14:20

Grange says MRRT to have no impact

31/08/2012 - 14:20

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Iron ore miner Grange Resources has become the latest miner to report it will be unaffected by the federal government’s mineral resource rent tax, after reporting a solid net profit for the half year ended June 30.

Grange today reported a net profit of $55.4 million for the six months to June 30, on the back of strong performance from its Savage River mine in Tasmania.

The miner reported revenue of $193.6 million, down from $208.9 million in the same period in 2011.

Grange said the result was achieved on pellet sales of 1.2 million tonnes, up from 0.7 million tonnes in H1 2011.

The company achieved an average pellet price of $US162.84 per tonne.

As of June 30, Grange said the MRRT had no impact on its results, based on its commodity price, foreign exchange and performance forecasts.

“Grange is very pleased to announce an interim unfranked dividend of 1 cent per share, highlighting the cash generation and consequent cash reserves at its Savage River operations,” managing director Richard Mehan said.

“Grange continues to deliver positive results to the market and this half-year result demonstrates the strength of our operations and strong balance sheet.”

At 2:10PM, WST, Grange stocks were down 4.7 per cent, trading at 30 cents. 

STANDING BY BUSINESS. TRUSTED BY BUSINESS.

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