ST HELIER, Jersey, May 23, 2014 /PRNewswire/ --
Consolidated Minerals Limited ('Consmin' or the 'Company'), a leading manganese ore producer with mining operations in Australia and Ghana, announces its annual results for period ending 31 March 2014.
Commenting on the results, David Slater (Chief Financial Officer) said:
"During the first quarter Consmin delivered solid operational and financial performance with EBITDA of $48 million and a profit after tax of $24 million.
Manganese sales tonnes decreased 16% in Q1 2014 due to the combination of adverse weather conditions in Australia and the transition to the transhipper arrangements in Ghana that were successfully completed in February 2014.
Volumes of manganese ore produced were 3.5% higher as a result of strong operational performance in Australia and Ghana with manganese C1 cash costs continuing to reduce to $2.29 per dmtu as a result of phasing of the mine plan, further cost reductions in haulage and shiploading and foreign exchange benefits from the relative weakening of the Australian dollar."
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