Champion Iron Q3 profit slides
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The news: Miner Champion Iron has reported a slide in third quarter profit on the back of a temporary shutdown and unrealised foreign exchange losses.
The numbers: Net profit for the three months to December 2024 were down 99% to $1.7 million, although revenue was up 3% to $363.2 million.
It had a gross average realised price of USD113.4 ($181.67) per tonne, lower than the benchmark of USD118 a tonne during the period.
Champion Iron shares were down 1.1% to $5.50 in early trading on the ASX.
The context: The company said profitability was impacted by an unrealised foreign exchange loss of $21.1 million resulting from the revaluation of net monetary liabilities denominated in US dollars.
Shipments were also hit by a 14-day interruption in December due to the breakdown of a critical piece of equipment at the Bloom Lake mine’s train load-out facility. The company used the opportunity to complete additional maintenance, which affected production.
The source: ASX announcement
