The latest announcement is out from IRC ( (HK:1029) ).
IRC Limited announced its 2024 annual results, revealing a net loss of US$21 million due to ore quality issues and a weakened global iron ore market. Despite a 12.6% revenue decline and increased cash costs, the company improved its cash position through a successful rights issue and reduced its net debt. The company is transitioning its mining operations from the Kimkan mine to the Sutara mine, aiming to enhance production efficiency and volume. IRC’s strategic focus includes ramping up Sutara operations and reducing reliance on third-party contractors, reflecting its commitment to long-term value creation for stakeholders.
More about IRC
IRC Limited is a company involved in the mining industry, focusing primarily on iron ore production. The company operates in the global market, with a particular emphasis on the quality and efficiency of its mining operations.
YTD Price Performance: 40.0%
Technical Sentiment Signal: Hold
Current Market Cap: $151.2M
Learn more about 1029 stock on TipRanks’ Stock Analysis page.