IRC breaks even in H1 on Kuranakh cash flow

摘要

IRC Limited (IRC), the Petropavlovsk PLC spin-off that is developing iron ore projects in Russia's Far East, broke even in H1 2011 thanks to positive cash flow from its Kuranakh project, the company said in a press release. Net profit for the period was $3.6 million, compared with losses of $52 million a year previously. Sales revenue soared 12-fold year-on-year to $55 million. The average realized sale price of iron ore concentrate grew 12%. The Kuranakh operation produced 350,000 tonnes of iron ore concentrate and 22,000 tonnes of ilmenite concentrate in H1.