IRC Ltd. , a Hong Kong-listed iron ore company mining in Russia, posted its first profit after starting sales from its Kuranakh mine and prices for the steelmaking raw material advanced.
Net income for the six months ended June 30 was $3.6 million, compared with a loss of $51.9 million a year earlier, the company said today in a statement. Revenue gained to $60.4 million from $5.2 million a year earlier.
IRC began sales from the Kuranakh project, which ships iron ore from the Far East of Russia to China, in the second half of last year. IRC plans to produce 750,000 metric tons of iron ore concentrate this year, with 400,000 tons of that to be mined in the second half of the year, the company said.
IRC’s average realized iron ore concentrate price rose 12 percent in the first six months, the company said.