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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.