ST HELIER, Jersey, May 30, 2013 /PRNewswire/ --
Consmin, a leading manganese ore producer with mining operations in Australia and Ghana, announces its results for the first quarter ending 31 March 2013.
Commenting on the results, Jackie Callaway (CFO of Consmin) said:
"During the first quarter, Consmin delivered exceptional performance with a 70% increase in revenues, a 20% decrease in C1 cash costs (compared to the first quarter of 2012) and a profit of $24 million.
Sales volumes were significantly stronger in the quarter as a result of the combination of strong demand for Ghana ore and improved shipments of Australian ore due to the absence of adverse weather conditions. Combined with the improved sales prices for manganese and chromite ore, revenues for the quarter increased to $167 million.
Volumes of manganese ore produced were 10% higher as a result of strong operational performance. Manganese C1 cash costs continued to reduce to $2.62 per dmtu as a result of the successful implementation of cost reduction initiatives."
About Consolidated Minerals Limited
Consmin is a leading manganese ore producer within mining operations in Australia and Ghana. The principal activities of the Company and its subsidiaries (the "Group") are the exploration, mining, processing and sale of manganese products. The Group's operations are primarily conducted through four major operating/trading subsidiaries; Consolidated Minerals Pty Limited (Australia), Ghana Manganese Company Limited (Ghana), Manganese Trading Limited (Jersey) and Pilbara Trading Limited (Jersey).
Consolidated Minerals Limited is headquartered in Jersey and the address of its office is Commercial House, 3 Commercial Street, St Helier, Jersey, Channel Islands, JE2 3RU.
SOURCE Consolidated Minerals Limited