Assore Full-Year Profit Doubles on Higher Iron Ore Prices

Bloomberg reported that higher ore prices boosted Assore (JNB:ASR) to more than double its previous year’s profit.

The market news is quoted as saying:

Assore, joint owner of manganese producer Assmang Ltd. with African Rainbow Minerals Ltd. (ARI), spent 2.8 billion rand to develop infrastructure at the Khumani Iron Ore Mine and raise output to 16 million metric tons a year by mid-2012, from 10 million tons.

To read the full market news, click here.