ST HELIER, Jersey, August 29, 2013 /PRNewswire/ --
Consmin, a leading manganese ore producer with mining operations in Australia and Ghana, announces its quarterly results for period ending 30 June 2013.
Commenting on the results, Peter Allen (Managing Director, Marketing) said:
"Consmin has again delivered exceptional performance in Q2 with a 180% increase in adjusted EBITDA to $74 million resulting from a 17% increase in manganese FOB pricing combined with an 18% reduction is cash costs.
Manganese production remained steady for Q2 with total ore produced in the first half of 2013 being 4% higher than in the equivalent period of 2012. Manganese sales increased as a result of strong demand for Ghanaian ore.
The latest mineral resource update for Ghana indicates a potential doubling of the total resource base to 95.8 million tonnes, which is an outstanding result.
During the quarter the Company spent an additional $44 million on the buy-back of its bonds and a further $28 million after the quarter end whilst still maintaining a strong cash position."
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 Ltd