Iron ore project in the Far East proves to be unprofitable

The subsidiary of gold company Petropavlovsk iron ore IRC in the Far East has suspended mining at the Kuranakh mine, the company reports. The costs in winter make the operation unprofitable, and IRC decided to transfer the mine in the mood of care and maintenance. The prime cost of the iron ore mining from this mine was $53 per ton by results of the second quarter.

Yesterday, on December 14, ore with 62% content of iron cost $39 per ton, according to the Bloomberg.

"We believe we did everything possible to prolong the economic life of Kuranakh, - executive chairman of IRC Jay Hambro states. - Continuation of the Kuranakh operation will be devastating to IRC".

Full text available to premium subscribers only.

Buy full access for 24 hours now

or

Request a quote to subscribe for a longer period

Oil and Gas, Metals and Mining, News from Russia and neighbouring countries
12 Northfields Prospect; London, - SW18 1PE; United Kingdom
E 51° 27.454518" S 0° 14.101236"

Theme by Danetsoft and Danang Probo Sayekti inspired by Maksimer