ASX-listed OM Holdings Limited (OMH) has reported a fall in post-tax profits of 77 per cent from last years $115.6 million to $26.9 million for the year to 31 December. The fall is blamed on lower prices and volumes for its manganese ore.
OM is looking for a better 2010 with budgeted production and sales of 1 million tonnes of ores and 41000 tonnes of high carbon ferromanganese powered by estimated Chinese steel production this year of 620 million tonnes.
Meanwhile OM also announced that reserves at its Bootu Creek manganese mine in Australia’s Northern Territory now stands at 32.9 million tonnes at 23.1 per cent manganese content.
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