IRC cuts iron ore concentrate output 6.5%, sales 8.3% in Q4

MOSCOW. March 7 (Interfax) - IRC Limited produced 579,000 tonnes of iron ore concentrate and sold 587,000 tonnes in Q4 2023, the miner said in a press release.

Compared to the same period in 2022, production fell 6.5% although it was little changed from Q3 2024, and sales fell 8.3%.

Production in Q4 2023 continued to be hampered by the lower yield of iron ore concentrate and the low readiness of the equipment due to technical issues, IRC said.

IRC paid $2.7 million in exchange rate-linked duties and $2.8 million windfall tax at the discounted rate in Q4.

The cash position was $52.8 million and net debt $14.9 million at end-2023.

IRC operating highlights:

Q4 2023 Q4 2023/Q3 2023 Q4 2023/$4 2022 2023 2022 Iron ore concentrate production, tonnes 578,718 -0.1% -6.5% 2 466,829 -4.0% Iron ore concentrate sales, tonnes 587,413 3.7% -8.3% 2 528,596 -1.5% 65% Fe benchmark (average US$ per tonne) 138 10.4% 24.3% 132 -5.0%

IRC is the largest iron ore producer in the Russian Far East. Its principle asset, the Kimkano-Sutara or K&S mine in the Jewish Autonomous Region, produces concentrate with an iron content of 65%.

The largest shareholder of IRC with just under 57% as the result of an offer is Nikolai Levitsky, the founder of Geotech.