Grange forecasts 15% output boost

Company News

Grange Resources Limited (ASX:GRR) is expecting a 15 per cent boost in production this year because of improved mining conditions at its Savage River mine in Tasmania.

In the 2011 calendar year the magnetite producer’s Savage River mine generated two million tonnes of concentrate. 

Production was given a boost with a strong end to the year; Grange achieved the highest quarterly production for 15 months in the December quarter. 

CEO Russell Clark has described the year as “a challenging but ultimately successful” one.

Shares in Grange Resources lifted 1.83 per cent yesterday, closing at $0.555.

In the first half of the 2011 calendar year Grange Resources posted a net profit of $58 million.

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