IRC Limited Faces Tough H1 2024 Amidst Production Woes

IRC (HK:1029) has released an update.

IRC Limited reports a challenging first half of 2024 with a net loss of US$13.2 million, attributed to a decline in production and sales volumes due to ore quality and mining issues. Revenue fell to US$112.3 million, a significant drop from the previous year, with increased cash costs and high inflation impacting profitability. Despite these setbacks, the company remains focused on its new Sutara mining pit, which is expected to improve ore quality and extend mine life.

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