Shares in Grange Resources Limited
(ASX:GRR) jumped yesterday after the magnetite iron ore pellet producer posted an interim profit and declared a maiden dividend.
In the first half of 2011 Grange generated a net profit of $58.1 million. Revenue from mining operations rose 8 per cent to $209 million.
In the same period, the company’s flagship Savage River operations in Tasmania produced more than 840,000 tonnes of pellets. The company says it is on track to achieve 2 million tonnes of pellet production this year.
Grange has declared a maiden unfranked interim dividend of 2 cents per share and says it expects to continue to issue dividends in the future.
Shares in Grange Resources jumped 8.42 per cent yesterday, closing the day at $0.515.
In the 2010 calendar year Grange delivered an annual net profit of $85.2 million.
