IRC (HK:1029) has released an update.
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IRC Limited reported a decrease in iron ore production and sales by 8.2% and 10.4% respectively in Q1 2024, compared to the previous quarter, due to ongoing ore quality and mining contractor issues. The company is poised for a potential turnaround with the preparation of the Sutara deposit, targeting mining operations commencement in Q3 2024. Amidst these challenges, IRC’s cash balance dropped to $49.8 million, with net debt rising to $13.4 million, largely attributed to loan servicing and working capital fluctuations.
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