Champion Iron produces over 8Mt, achieves stable recovery rate of 82.6%

This resulted in a stable recovery rate of 82.6% for the three months ended March 31, compared with 82.3% for the same period in 2020.

The company is also in the process of producing an additional 374 400 wmt of direct reduction quality iron-ore concentrate, with a grading of 67.6% iron with a combined silica and alumina content of 2.8%.

In terms of financials, cash on hand and restricted cash for the company totalled $680.5-million as at March 31, compared with $298.7-million as at March 31, 2020.

The company has available liquidity for the upcoming income and mining taxes payments, it confirmed, noting that these total about $195-million, which is due in May.

Champion also made a full repayment of the $20-million revolving credit facility on March 30, bringing the total undrawn and available credit facilities to $220-million.