IRC LIMITED Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this announcement.
(Incorporated in Hong Kong with limited liability)
(Stock code: 1029)Chief Executive Officer of IRC Limited, Mr. Yury Makarov presented the K&S project to Mr. Trutnev and introduced to him the production and infrastructure facilities on site.
In addition, IRC management was in discussion with Mr. Trutnev regarding potential decrease of K&S's export railway tariff by up to 38%, which could further lower its cash cost for concentrates delivered to the Chinese border. Mr. Trutnev also issued a number of governmental instructions to federal and local authorities, which will facilitate soonest commissioning and efficient operation of the plant. He also stressed the high social and economic significance of the K&S project for the region.
Despite the Chinese New Year holidays, the hot commissioning programme is still on-going. IRC urged its main contractor, CNEEC to speed up its effort on site, especially at the Main Processing plant, of which IRC is pleased to announce that the testing of the ball mills at the Main Processing Plant is progressing well. CNEEC has also informed IRC that the hot commissioning of Second Stage Crushing and Screening Plant is estimated to be completed by end of February/early March. The remaining hot commissioning steps are the Main Processing Plant and Drying Unit, which are expected to be fully tested and completed within first half of 2016 as previously advised.
Commenting on the news, Yury Makarov, Chief Executive Officer of IRC said: "We are pleased to see the support of the Russian Government in such difficult times. As previously disclosed, K&S's cash cost per tonne for iron ore concentrates delivered to the Chinese border was estimated to be US$35/t. If K&S project is granted with the export tariff concession, its cash cost could be further lowered, which further consolidates K&S's position as one of the lowest costs iron ore mines in the world. We hope that the commissioning of the K&S project will be completed soon, and our customers will see our premium product in the first half of 2016".By Order of the Board
Yury MAKAROVChief Executive Officer
Hong Kong, People's Republic of China Friday, 12th February 2016
As at the date of this announcement, the Executive Directors of the Company are Mr Yury Makarov and Mr Danila Kotlyarov. The Non-Executive Directors are Mr George Jay Hambro, Mr Cai Sui Xin, Mr Liu Qingchun, Mr Simon Murray, CBE, Chevalier de la Légion d'Honneur and Mr Raymond Kar Tung Woo. The Independent Non-Executive Directors are Mr Daniel Bradshaw, Mr Chuang-Fei Li and Mr Jonathan Martin Smith.
6H, 9 Queen's Road Central Hong Kong
Tel: +852 2772 0007
Email: ir@ircgroup.com.hk
Website: www.ircgroup.com.hk
For further information please visit www.ircgroup.com.hk or contact:
Manager - Communications & Investor Relations Telephone: +852 2772 0007
Mobile: +852 9688 8293
Email: sc@ircgroup.com.hk
IRC Ltd. issued this content on 12 February 2016 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 11 February 2016 23:26:19 UTC
Original Document: http://www.ircgroup.com.hk/attachment/2016021207170200002431467_en.pdf
