Champion Iron produced 1.83mn wmt of high-grade 66.4pc iron ore concentrate at its Bloom Lake mine in Quebec in Q3 2019 ended December 31, 2019—up from 1.79mn in Q3 2018.
The miner increased its quarterly recovery rate to 81.7pc from 80.7pc during the same quarter the previous year. In December 2019, the company reported, it achieved a monthly recovery rate of 84.2pc, narrowly missing a company record of 84.6pc for monthly production.
Through the first nine months of FY2019, the company sold more than 5.68mn mt of iron ore concentrate, with revenues of $609.3mn, up from $472.9mn during the Q3-FY2018. The increase was attributed to higher volume and selling prices. Revenues totaled $171.1mn in Q3 2019, up from $147.5mn during the third quarter of 2018.
Over the first nine months of 2019, Champion’s gross profits amounted to $298.7mn, up from $194.3mn during the same period during the previous financial year. The company’s gross profit for Q3 2019 totaled $62.3mn, an increase from $60.4mn during the same quarter in 2018.
Champion reported an income of $102.6mn in the first nine months of 2019, down from $119.4mn during the same period in the previous year. Net income also decreased in Q3 to $30.1mn from $31.1mn during the same 2018 quarter.
The company’s EBITDA through the first nine months of 2019 was $287.4mn, up from $191.6mn during the previous financial year’s first nine months, while its EBITDA for Q3 2019 was $57.9mn, down from $65.4 during the prior year period.