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irc ltd (1029) Details

IRC Limited, an investment holding company, is engaged in the development and production of industrial commodities products. The company operates through four segments: Mines in Production, Mines in Development, Engineering, and Other. It offers iron ore concentrate and ilmenite that are used in various industries worldwide. The company’s primary iron ore projects in the Russian Federation include the Kuranakh project that produces titanomagnetite and ilmenite concentrate products located in the Evreyskaya Avtononnaya Oblast; the Kimkan and Sutara, a magnetite project, which is located in the Jewish Autonomous region; and the Garinskoye project that focuses on iron ore deposits in the Amur region. It also holds interests in the Bolshoi Seym, an ilmenite and magneite project; a molybdenum exploration project; and the Kostenginskoye and Garinskoye Flanks project located in the Russian Far East region. In addition, the company holds a 70.3% interest in Giproruda, which provides mining research and consultancy services for clients undertaking mining projects; and joint venture agreement for the production of vanadium pentoxide located in Heilongjiang, North-Eastern China. Further, it is involved in the design and development of titanium sponge; production of coal; and provision of engineering and procurement services. The company is headquartered in Central, Hong Kong. IRC Limited is subsidiary of Cayiron Limited.

2,191 Employees
Last Reported Date: 03/24/15

irc ltd (1029) Top Compensated Officers

Chief Executive Officer, Executive Director a...
Total Annual Compensation: $1.3M
Executive Chairman
Total Annual Compensation: $1.5M
Compensation as of Fiscal Year 2013.

irc ltd (1029) Key Developments

IRC Limited Announces Executive Changes

IRC Limited announced that Mr. Raymond Kar Tung Woo will be leaving his position as Chief Financial Officer, Company Secretary and Authorised Representative of the company with effect from March 25, 2015 due to personal reasons. On the same date, Mr. Woo, currently an Executive Director of IRC, will also be re-designated as a Non-Executive Director of the company. The Board of directors of the company announced that, with effect from March 25, 2015, Mr. Danila Kotlyarov has been appointed as the Interim Chief Financial Officer and Mr. Johnny Shiu Cheong Yuen has been appointed as the Company Secretary and Authorised Representative of the company. Mr. Danila Kotlyarov joined the Group in 2005 as Finance Director responsible over Russian and China operations, a role which transferred to IRC in 2010. Mr. Kotlyarov subsequently was promoted to Deputy Chief Executive Officer with enlarged responsibilities scope covering operations. Mr. Johnny Yuen, began his career in KPMG and has 20 years of experience in the field of accounting and auditing. Prior to joining IRC in 2010, he worked in a senior finance position of the Hongkong and Shanghai Hotels, Limited.

IRC Limited Reports Audited Consolidated Earnings Results and Production Results for the Year Ended December 31, 2014

IRC Limited reported audited consolidated earnings results and production results for the year ended December 31, 2014. For the year, the company reported revenue of USD 122,414,000 compared to USD 160,854,000 a year ago. Loss before taxation was USD 311,310,000 compared to USD 47,098,000 a year ago. Loss attributable to owners of the company was USD 317,644,000 compared to USD 41,613,000 a year ago. Basic and diluted loss per share was 6.69 cents compared to 1.04 cents a year ago. Net cash used in operating activities was USD 36,058,000 compared to USD 8,475,000 a year ago. Purchases of property, plant and equipment and exploration and evaluation assets were USD 100,990,000 compared to USD 113,614,000 a year ago. The increase in loss was mainly due to the non-cash impairments of USD 260.8 million and the reduction in revenue of USD 38.4 million, being partially offset by the group's continuous effort to control costs. During 2014, the company produced 1,010,360 tonnes of iron ore concentrate compared to 1,032,615 tonnes a year ago and 178,426 tonnes of ilmenite compared to 150,458 tonnes a year, ahead of the group's 2014 production targets by 12.3% and 11.5% respectively.

IRC Limited Provides Unaudited Consolidated Earnings Guidance for the Year Ended December 31, 2014

IRC Limited provided unaudited consolidated earnings guidance for the year ended December 31, 2014. For the year, the Group expects to record a loss attributable to owners of the company for the year ended 31 December 2014 significantly greater than the USD 42 million reported for the year ended 31 December 2013. The increased loss for 2014 is mainly due to: lower iron ore and ilmenite prices have caused negative cash flow at Kuranakh. It is estimated that this reduction in prices will result in a loss of the Group of approximately USD 52 million, including an approximate USD 2 million write-down in the carrying value of the Kuranakh inventory; and a full non-cash impairment provision of approximately USD 64 million has already been made for the Kuranakh Mine in the first half of 2014. However, the iron ore price has weakened further into the second half of 2014 and the first quarter of 2015. Consequently, a partial non-cash impairment provision for the K&S Mine of approximately USD 197 million may be recorded. This results in a total of approximately USD 313 million loss attributable to the owners of the company for the year ended 31 December 2014. With approximately USD 263 million of the loss due to the non- cash impairments and inventory write-down, it is not expected that the total loss will have a material impact on the financial strength of the Group.

 

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