Century Iron Files Q1 Results

Iron Investing

Century Iron Mines (TSX:FER) has filed its condensed consolidated interim financial statements for Q1. The company continues to pursue the acquisition of non-ferrous assets given weak commodity prices.

Century Iron Mines (TSX:FER) has filed its condensed consolidated interim financial statements for Q1. The company continues to pursue the acquisition of non-ferrous assets given weak commodity prices.
As quoted in the press release:

At the corporate level, the Company reported substantial corporate working capital of $39.6 million, comprised of $28.3 million in cash and bank deposits and $11.2 million in net receivables that are not tied to any iron ore project development. With its strong balance sheet and the continuous support of the two Global Fortune 500 state-owned enterprises from China, WISCO International Resources Development & Investment Limited (“WISCO”) and China Minmetals (“Minmetals”), Century is rigorously pursuing the acquisition of non-ferrous assets to create shareholder value where the current low commodity cycle offers excellent opportunities.
In addition, Company reported a cash and bank balance cash balance of $17.4 million in Labec Century, a joint venture with, WISCO. The financial strength of the JV and the strong partnership with WISCO have put the Company’s iron ore project development to a self-funded position which will enable the Company to deliver significant returns to its shareholders when the market recovers in the long term.

Click here for the full press release.

The Conversation (0)
×