BC Iron Limited Returned to profit in 1H FY 17
Returned to profit in 1H FY 17: BC Iron Limited (ASX: BCI) witnessed an initial stock price surge of about 3.5% on May 23, 2017 but closed flat. The group has returned to profit in 1H FY 17 and shipped 1.8 million wet metric tonnes from the mine in the March 2017 quarter. This was considered a strong operational result given the significant rainfall that occurred in the Pilbara region during the quarter. The group’s Iron Valley EBITDA for the quarter was A$4.1M (unaudited). BCI’s FY17 Iron Valley EBITDA guidance remains unchanged at A$18-25M. Meanwhile, Carnegie Potash Joint Venture entered with Kalium Lakes enables BCI to earn up to a 50% interest by sole-funding key activities. Further, the scoping study on a 3 Mtpa solar salt operation at Mardie has progressed well, and is expected to get over by June 2017 quarter. BCI is targeting for building a diversified portfolio covering multiple commodities.
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