Champion Iron reported strong financial results, plans for expansion, and sustainable projects
From Investing.com: 2024-06-02 20:14:00
Champion Iron Limited (CIA.TO) reported strong Q4 and full-year financial results for FY 2024, with 3.3 million tons produced and 3 million tons sold in the quarter. The company achieved a cash cost of CAD77 per ton and an EBITDA of CAD85 million for Q4, with full-year revenues of CAD1.5 billion and EBITDA of CAD550 million. Strategic projects like the Kami project and Bloom Lake mine expansion are progressing, with a focus on sustainability and community engagement. Looking ahead, Champion plans to increase capacity and invest in a flotation plant to benefit from high premiums for their iron ore. Despite some challenges, the company remains in a net cash position of CAD56 million and is exploring potential partnerships for future projects.
Champion Iron Limited held its Q4 and Year End Results conference call on May 31, 2024, discussing financial performance and strategic initiatives. The company produced 3.3 million tons and sold 3 million tons of iron ore in Q4, achieving a cash cost of CAD77 per ton and an EBITDA of CAD85 million. Full-year figures included revenues of CAD1.5 billion and EBITDA of CAD550 million. Champion is advancing the Kami project and Bloom Lake mine expansion, emphasizing sustainability, and community relations. Plans include capacity expansion, investment in a flotation plant, and discussions with potential clients in Europe and the Middle East for DR-quality iron ore. Despite challenges such as increased cash costs and inventory settlements, Champion remains focused on growth and operational efficiency. Q&A highlights include seeking a partner for the Kami project, linking pricing mechanisms to DR pellet premiums, and ongoing interest from potential partners for strategic projects. With a strong financial performance and commitment to sustainability, Champion Iron Limited is well-positioned to capitalize on opportunities in the industry and drive continued growth.
Read more at Investing.com: Champion’s Iron Ore Production and Strategic Expansion By Investing.com