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Print[Ferro-alloys.com]Fortunes smiled on Consolidated Minerals (Consmin) in the first quarter of 2013. Strong demand for its ore from Ghana and fair weather conditions in Australia pushed the company’s manganese ore production up to 830,300 mt (405,400 mt from Australia, up 11.2%, and 424,900 from Ghana in the first quarter of 2013, up 9.8% from the first quarter of 2012 output of 756,100 mt (364,700 mt from Australia and 391,400 mt from Ghana). The average grade was 45.4% Mn largely driven by ore being mined from Greensnake, Australia, and operational improvements. For 2013, Consmin expects to produce 1.62-million mt in Australia. The majority of its ore sales from Ghana went to China’s leading EMM producer under a long-term contract.
The average C1 manganese ore unit cash cost was $2.62 per dmtu in the first quarter of 2013 vs. $3.27 in the same 2012 period, a drop of 19.9%. The average manganese f.o.b. sales price was $4.84 per dmtu in the first quarter of 2013 vs. $3.95 in the same year-ago period.
Consmin sold 800,500 mt of manganese ore (393,300 mt from Australia and 407,200 mt from Ghana) in the first quarter of 2013 vs. 585,500 mt (272,700 mt from Australia and 306,800 from Ghana) in the same 2012 period.
The higher production and lower costs translated into a robust bottom line. Consmin’s first quarter 2013 revenue was $166.7-million, up 70.1% from $98-million in the same 2012 period, while recording a profit of $23.6-million vs. a $14-million loss in the same period. The manganese unit had a gross profit of $66.4-million on revenues of $140.7-million in the first quarter of 2013 vs. gross profit of $25.4-million on revenues of $82.8-million in the same 2012 period.
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