|
Key Points
Total
iron ore sales of 1.4 million wet metric tonnes (Mwmt) in the quarter,
comprising 0.7 Mwmt of high-grade direct shipping ore (DSO) from Koolan
Island and 0.7 Mwmt of low-grade material from Extension Hill stockpiles
in the Mid-West.
Quarterly
sales revenue of A$122 million Free on Board (FOB).
Solid
operating cashflow for the quarter of A$25 million.
Commencement
of historical Mid-West rail access charge refunds, with A$4 million
received in late September 2019.
Cash
and liquid investments of A$407 million at 30 September 2019 after payment
of most of the cash component of the final dividend declared for the
2018/19 financial year (A$20 million paid in September and a further A$7
million paid just after quarter end).
Koolan
Island high grade ore extraction rates continuing to build, targeting 3-4
shipments per month.
Group
cash costs* of A$74/wmt FOB for the quarter, in line with guidance. Koolan
site cash costs were A$89/wmt, reflecting the shipment levels as
production volumes ramp up, and Mid-West cash costs were on plan at A$41/wmt
FOB.
Full
year net profit after tax of A$133.4 million reported for year ended 30
June 2019, and fully franked dividend of 4.0 cents per share declared and
paid.
Guidance
for 2019/20 unchanged at iron ore sales of 3.7–4.0 Mwmt at an all-in
group cash cost of A$70-75/wmt FOB.
Table 1: Performance at a Glance
|
|
Unit
|
Sep-18
|
Dec-18
|
Mar-19
|
Jun-19
|
Sep-19
|
2019/20
|
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
YTD
|
|
Standard DSO product sales
|
kwmt
|
1,149
|
1,012
|
402
|
370
|
664
|
664
|
|
Low Grade sales
|
kwmt
|
-
|
-
|
-
|
237
|
711
|
711
|
|
Total Ore Sales
|
kwmt
|
1,149
|
1,012
|
402
|
607
|
1,375
|
1,375
|
|
Platts 62% Fe CFR price, average
|
US$/dmt
|
67
|
72
|
83
|
100
|
102
|
102
|
|
Platts 65% Fe CFR price, average
|
US$/dmt
|
94
|
92
|
95
|
115
|
110
|
110
|
|
Realised Koolan fines FOB price*
|
US$/dmt
|
-
|
-
|
-
|
106
|
95
|
95
|
|
Realised Mid-West fines FOB price#
|
US$/dmt
|
28
|
41
|
44
|
29
|
29
|
29
|
|
Realised Mid-West lump FOB price#
|
US$/dmt
|
56
|
70
|
58
|
36
|
35
|
35
|
|
Minor discrepancies may occur due to rounding.
|
|
* Realised Koolan FOB prices reflect a mix of month of
shipping (M) and M+2 averages, referencing the Platts 65% Fe Index.
Realised prices are shown after shipping freight, provisional
pricing adjustments, and specification adjustments/penalties.
|
|
# Realised Mid-West FOB prices are shown after shipping
freight and specification adjustments/penalties. Mid-West sales in
the June 2019 quarter comprised only shipments of low grade cargoes.
|
|
kwmt = thousand wet metric tonnes. US$/dmt = USD per dry
metric tonne.
|
OPERATIONS
Direct
Shipping Ore (DSO) sales totalled 0.7 Mwmt in the September quarter, all
being high grade fines from the Company’s Koolan Island mine in the
Kimberley region. In addition, 0.7 Mwmt of low grade material held in
stockpiles at Extension Hill was shipped from the Geraldton Port in the
quarter.
Table 2: Quarterly Operating
Statistics
|
|
Sep-18
|
Dec-18
|
Mar-19
|
Jun-19
|
Sep-19
|
2019/ 20
|
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
Quarter
|
YTD
|
|
KOOLAN ISLAND
|
(kwmt)
|
(kwmt)
|
(kwmt)
|
(kwmt)
|
(kwmt)
|
(kwmt)
|
|
Mining & Crushing
|
|
|
|
|
|
|
|
Waste mined
|
-
|
2,450
|
4,148
|
3,588
|
2,985
|
2,985
|
|
Ore mined
|
-
|
-
|
8
|
544
|
651
|
651
|
|
Ore crushed
|
-
|
-
|
5
|
425
|
661
|
661
|
|
Shipping/Sales*
|
|
|
|
|
|
|
|
Standard DSO Lump
|
-
|
-
|
-
|
-
|
-
|
-
|
|
Standard DSO Fines
|
-
|
-
|
-
|
370
|
664
|
664
|
|
Total
|
-
|
-
|
-
|
370
|
664
|
664
|
|
MID-WEST
|
|
|
|
|
|
|
|
Mining & Crushing
|
|
|
|
|
|
|
|
Waste mined
|
195
|
57
|
-
|
-
|
-
|
-
|
|
Standard ore mined
|
959
|
757
|
-
|
-
|
-
|
-
|
|
Low-grade ore mined#
|
122
|
54
|
-
|
-
|
-
|
-
|
|
Total ore mined
|
1,081
|
810
|
-
|
-
|
-
|
-
|
|
Ore crushed
|
1,052
|
980
|
57
|
385
|
882
|
882
|
|
Shipping/Sales*
|
|
|
|
|
|
|
|
Standard DSO Lump
|
607
|
475
|
254
|
-
|
-
|
-
|
|
Standard DSO Fines
|
542
|
537
|
148
|
-
|
-
|
-
|
|
Low grade Lump
|
-
|
-
|
-
|
120
|
473
|
473
|
|
Low grade Fines
|
-
|
-
|
-
|
118
|
238
|
238
|
|
Total
|
1,149
|
1,012
|
402
|
237
|
711
|
711
|
|
CONSOLIDATED DATA
|
|
|
|
|
|
|
|
Shipping/Sales*
|
|
|
|
|
|
|
|
Standard DSO Lump
|
607
|
475
|
254
|
-
|
-
|
-
|
|
Standard DSO Fines
|
542
|
537
|
148
|
370
|
664
|
664
|
|
Low Grade Lump
|
-
|
-
|
-
|
120
|
473
|
473
|
|
Low Grade Fines
|
-
|
-
|
-
|
118
|
238
|
238
|
|
Total
|
1,149
|
1,012
|
402
|
607
|
1,375
|
1,375
|
(To contact the reporter on this story: cody.wang@steelhome.cn or 86-555-2238837) |
|
