ST HELIER, Jersey, August 29, 2012 /PRNewswire/ --
Consmin, a leading manganese ore producer with mining operations in Australia and Ghana, announces its quarterly results for the period ended 30 June 2012.
Commenting on the results, Jackie Callaway (CFO of Consmin) said:
"Manganese C1 cash costs continued to reduce as a result of the successful implementation of cost reduction initiatives. The transition to owner operator has now been completed with a successful transition to business as usual operations.
Consmin has again produced a strong operational performance in the quarter with a 10% increase in the volumes of manganese ore produced and a 45% increase in the volume of chromite ore produced compared to the same quarter of the previous year.
Total sales volumes of manganese and chromite ore in the quarter increased by 3% compared to the same quarter of the previous year. Manganese sales volumes were slightly lower in the quarter and chromite sales volumes almost trebled. Revenues fell compared to the same quarter in the prior year, driven by the lower sales prices for manganese and chromite ore, offset by the increase in chromite volumes sold. During the quarter, improved Chinese steel sentiment combined with reduced Chinese port stocks' resulted in an increase in the benchmark price in the quarter by 8%. A further increase in price of 4% occurred for July shipments with this price being maintained for August and September."
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