In the second quarter of 2022, the IRC company produced 666,000 tons of iron ore concentrate and sold 698,000 tons, it said in a statement.
Sales were 10% higher than a year earlier and 20% higher than the previous quarter.
Congestion at the railway border crossing gradually eased, allowing a record volume of product to be shipped, IRC notes. But problems persist in China’s dry ports, and the IRC continues to also sell products to Russian buyers and customers in China by sea.
IRC quarterly production turned out to be at the level of April-June last year, although it was 12% more than in the first quarter of this year. Kimkano-Sutarsky GOK IRC during the II quarter worked with a load of 84.6% against 76.2% in the I quarter.
The volume of IRC cash almost doubled in the second quarter and amounted to $77 million at the end of June, net debt decreased to $26 million. Debt to MIK Invest, to which Gazprombank had previously transferred the rights to claim under the IRC loan, amounted to $103 million.
At the same time, IRC warns, net income attributable to shareholders, according to the results of the first half of the year, is expected to be at the level of $30-40 million against $98.3 million in the first half of last year. Apart from the possibility that the company will have to recognize a provision for depreciation of the assets of Kimkano-Sutarsky GOK.