IRC (HKG:1029): 2011 Production Targets Exceeded

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IRC Limited (HKG:1029) says that it has achieved and exceeded its 2011 production targets. Production targets at the company's first operation, the Kuranakh mine were 750,000 tonnes of iron ore concentrate and 52,000 tonnes of ilmenite concentrate. Actual production was 800,291 tonnes or 6.7% higher for iron ore concentrate and 63,490 tonnes or 22.1% higher for ilmenite concentrate.

At the K&S project, the fourth quarter ended with all construction activities completed to schedule. Furthermore, the first tranche of project financing from ICBC (SHA:601398, HKG:1398) was drawn, ensuring that funding is now in place, IRC says.

The IRC group has also entered into an agreement to dispose of certain mining equipment to a subsidiary of Petropavlovsk, IRC's controlling shareholder, allowing the IRC group to realise the cash value of the equipment at a time when it is not being fully utilised. The consideration for the disposal is US$5.3 million.

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