BC Iron Announces Quarterly Report, Will Quit Brazilian Project

BC Iron Ltd. (ASX:BCI) released its quarterly activities report for the period ended December 31, 2014, stating that it has decided to quit its Brazilian project due to plunging seaborne prices.

Other report highlights include:

• Iron Valley agreement with Mineral Resources varied to facilitate project improvement initiatives and ensure ongoing earnings to BC Iron through the evaluation period
• Haulage and shipping of iron ore commenced at Iron Valley
• BC Iron to exit from Brazil exploration alliance
• Solid balance sheet position with cash of A$110.1M

BC Iron’s managing director, Morgan Ball, stated:

We will continue to focus on operational performance, productivity and costs and, with approximately $70 million in net cash, we are well placed to manage the business through the iron ore cycle.

Click here for the full BC Iron Ltd. (ASX:BCI) press release