Commodity marketing, metals and mining company OM Holdings Ltd
(ASX:OMH) says manganese production increased 74 per cent to 164,034 tonnes in the June quarter.
OM Holdings says it shipped a total of 210,428 wet tonnes of manganese product during the June quarter.
The company says strong mining and operational performance resulted in a sharp drop in cash costs to $4.78 a dry metric tonne unit from $6.84 in the March quarter, with costs reducing to $3.22 for the month of June.
OM Holdings says market conditions indicate a continued steady upward trend in the manganese ore price during the remainder of the third quarter of 2009, driven by strong market fundamentals.
CEO Peter Toth says Chinese imported manganese ore demand and prices are expected to continue to improve during the second half of 2009.
OM Holdings 2008 net profit was $115.6 million.
