BC Iron Limited
(ASX:BCI) has reached its target production rate of 6 mega tonnes ahead of schedule.
Quarterly production at the Nullagine Joint venture were at record levels with 1.6 million wet metric tonnes of ore shipped – a 12 per cent increase on the same time a year ago, despite unseasonal heavy rainfall.
The miner says it also repaid $US30 million in debt ahead of schedule and has a balance sheet of $138.5 million.
BC Iron Managing Director Morgan Ball says the company has a cash flow of $85 million, reflecting a strong quarter and achieving its full year production guidance.
Mt Ball says strong cash flows, a lower Australian dollar and cost management helped the company make accelerated the debt repayment during the period.
BC Iron generated a net profit of $7.7 million in the first half of fiscal 2013.
