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Business Description: Northern Iron Limited (NFE) is an Australian mining company headquartered in Perth focusing on the wholly owned Sydvaranger Iron Project in northern Norway. Currently, NFE sells its dry concentrate products to Europe, China and Middle East.
Strategy Analysis: NFE is developing the Sydvaranger Iron Project using existing infrastructure at the site in order to reduce capital expenditure and fast track production of magnetite concentrate. Over the medium term, the company aims to expand production through further exploration and potentially developing a pelletising plant.
Northern Iron reported positive cash flow of US$23.53m for the quarter ended 31 December 2012. Operating cash flow for the period was US$(13.51m). Payments for exploration and evaluation were US$(128,000). Investing cash flow was US$(4.72m). Financing cash flow was US$41.76m. Cash in hand at the end of the quarter was US$32.38m. Concentrate production was 529,000t for the quarter, up 24% on the same quarter last year and up 13% on the previous quarter. In addition, mine production achieved a new record of 4.4Mt mined, up 6% on the prior quarter. Concentrate sales were 474,000t for the quarter, up 11% on the same quarter last year and down 2% on the previous quarter.
The Age 21/05/2013 |
Optus says its 4G mobile network will reach 70 per cent of the Australian population by mid-2014. The carrier revealed it has upgraded 4000 3G sites to 4G in five capital cities and in Coffs Harbour, the Gold Coast and Byron Bay. It also plans to make its 4G network suitable for customers with dual-band 4G mobile devices.
The Age 21/05/2013 |
Hong Kong private equity firm Quantum Pacific Capital says it is best placed to resolve a dispute over the ownership of a troubled $5 billion copper and gold project in Java and is negotiating to grab back as much as 80 per cent of the project on behalf of former owner Intrepid Mines.
The Age 21/05/2013 |
Shareholders in Transfield Services were bracing themselves on Monday for an earnings downgrade following downgrades by other mine services operators such as UGL, WorleyParsons and the smaller Coffey International last week.
The Age 21/05/2013 |
The whole retail recovery story has wandered perilously off script over the past quarter. The start of the year held the promise of green shoots at the discretionary spending end. But as we near the close of the financial year, the fragile recovery appears to have been nipped in the bud.
The Age 21/05/2013 |
New Leighton Holdings chairman Bob Humphris has moved to dispel fears that its directors remain at war with its German parent Hochtief, insisting the relationship was "collegiate" despite the abrupt resignation of three fellow directors two months ago.
The Age 21/05/2013 |
Australian shares flirted with five-year highs on Monday, returning to levels not seen since the onset of the global financial crisis, as investors were spurred on by signs of strength in the US economy.
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