BC Iron Gets to Postpone Royalty Payments as Iron Ore Prices Fall

Mineweb reported that Australia’s BC Iron (ASX:BCI) will be able to postpone A$8-A$12 million ($6.11-$9.16 million) in royalty payments, as it struggles amid a dramatic fall in iron ore prices.

As quoted in the market news,

Facing the prospect of mines shutting down, Western Australia state in December notified miners producing less than 20 million tonnes annually they could be eligible for a 50 percent deferral on the royalties they pay. It also froze port fees and tariffs for miners using the state’s Indian Oceanhttps://ironinvestingnews.com/wp-admin/post-new.php export terminals of Dampier and Port Hedland.

BC Iron Chief Executive Morgan Ball stated:

The amount, A$8-A$12 million, is not a great sum, but given the climate we are operating in, every bit will help.

Click here for the Mineweb report