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IRC sets records on new Kimkano-Sutarsky GOK - EastRussia | Far East

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IRC sets new records for the new Kimkano-Sutarsky GOK

OOO "Petropavlovsk - Ferrous Metallurgy" (IRC, the only producer of iron ore in the Far Eastern Federal District, almost one-third belong to the Petropavlovsk alliance) in January-March of 2017 produced almost 316,8 thousand tons of iron ore concentrate at the Kimkano-Sutarsky GOK in the Jewish Autonomous Region Region, the company said. As noted, this production volume is a record for the company.

IRC sales amounted to almost 321,9 KT, which is also attributed to record numbers. The report emphasizes that it was Kimkano-Sutarsky GOK that generated cash receipts in the first quarter. At the same time, commissioning works are still ongoing at the enterprise, and in March, the output of the mining and processing plant did not exceed 75%.

The output to full capacity is expected only in the second half of the year, although earlier it was expected by the summer. The company predicts that, with full output, the cash costs of GOK will remain below $ 40 per tonne of concentrate. At the end of March, the company's debts exceeded $ 235 million with a working capital balance of about $ 18 million. Since the shipment of the test lot in August last year, the volume of shipment of products amounted to more than 0,5 million tons.