In the second quarter, the company reported a net profit of 56.79 billion Canadian dollars, compared with 19.8 billion Canadian dollars for the corresponding period last year, and its revenue was 492.89 Canadian dollars. billion, which is 40.4 percent more than last year.
Champion Iron's production at the Bloom Lake plant totaled 3.6 million tons of high-quality concentrate with an iron content of 66.5 percent, up 12 percent from last year, while the company achieved record quarterly sales of 3.9 million tons, up 18 percent from last year.
Meanwhile, the Direct Reduction Company's Pellet Feed (DRPF) project, designed to upgrade half of Bloom Lake's capacity to DR-grade iron ore pellets with up to 69 percent iron content, continues as planned until expected commissioning in December. Commercial shipments of DR-grade iron are expected to begin by the end of the first half of next year.
In addition, at the end of September, the company formalized a strategic partnership with Nippon Steel Corporation, a Japanese steel company, and Sojitz Corporation, a trading company, to promote the Cami project through an ongoing final feasibility study. After the initial agreement, Champion Iron owns 51 percent of the partnership's shares and remains the project operator, with Nippon Steel owning 30 percent and Sojitz owning 19 percent, as previously reported. SteelOrbis.
Champion CEO Mr. David Cataford stated, "We have successfully capitalized on the rising iron ore prices by delivering solid quarterly financial results. While performing scheduled semi-annual maintenance at our facility and on the third-party railway, I am particularly proud of our teams' commitment to ensuring the sustainable operation of Bloom Lake, while optimizing operations and advancing the DRPF project towards its completion. With stable financial liquidity, we remain focused on maximizing shareholder value while creating a positive impact on our host communities."
