Make Kitco Your Homepage

Champion Iron resumes full operational capacity

Kitco News

Editor's Note: Get caught up in minutes with our speedy summary of today's must-read news stories and expert opinions that moved the precious metals and financial markets. Sign up here!

(Kitco News) - Champion Iron (TSX:CIA) announced Tuesday it had revenues of $311.0M and $555.6M for the three and six-month periods ended September 30, 2020, respectively, compared to $160.4M and $438.3M, respectively, for the same periods in 2019.

The Quebec-based iron miner's operations were curtailed earlier this year when COVID-19 restrictions were introduced. 

"Operations at Bloom Lake resumed full operational capacity in the recently completed quarter, following the Government's announcement to categorize mining activities as a 'priority service' and the lifting of specific COVID-19 containment directives issued in the first quarter of the company's fiscal year ending March 31, 2021," said Champion Iron in a news release.

The company said it had introduced a wide range of health protocols to limit COVID-19 transmission.

Champion Iron said it has strong cash on hand balance of $425.8M as of the end of September.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.