Hey Fellas
Looks like Territory is looking at a Gross Profit of around $32-34million for the second quarter 2010.
Based on their announcement shown below 532,000 tonnes of iron ore was shipped for Q2 2010. TTY had made an announcement in April that they were receiving on ave $130 per tonne for their iron ore, with cash costs around $65 per tonne.
532,000 x $65 (Pross Profit per tonne) = $34,580,000 Gross Profit for the 2nd quarter!
Great Effort Fellas! Keep shipping that dirt!
Cheers Nick
Territory Reports 30% Increase in Iron Ore Shipments
Friday , 02 Jul 2010
Shipments Exceed 2Mt for FY2010 Providing a Strong Platform for Growth
Territory Resources Limited (ASX: TTY - "Territory" or "the Company") is pleased to advise that it has completed iron ore shipments totalling 2.027 million tonnes for the financial year ended 30 June 2010, representing a 30% increase on last year.
The excellent result - which directly reflects the Company's substantial operational and financial turnaround over the past two years - provides a strong foundation for the reporting of annual results over the next two months.
The Company has completed its 28th shipment for the year, with a total of 532,753 tonnes of high-grade, lump and fines ore shipped for the June 2010 Quarter (March 2010 Quarter: 267,582 tonnes).
Total shipments for the year of 2,027,385 tonnes comprised 1,150,747 tonnes of high-grade lump (16 shipments) and 876,638 tonnes of high-grade fines ore (12 shipments).
This was in line with the Company's budget and targeted tonnages for the year, and compares with 1,563,000 shipped tonnes for the 12 months to 30 June 2009, comprising 904,000 tonnes of lump and 659,000 tonnes of fines ore.
"This is a tremendous result and a great credit to our production and marketing team," said Territory's Managing Director, Mr Andy Haslam.
"We have been able to take advantage of the stronger market conditions experienced in the second half of the year by delivering a 30% increase in shipped tonnes over last year, setting us up for a significant improvement in our financial performance for the financial year ended 30 June 2010," he continued.
"We have been able to maintain a fully sold position for all our products from the Frances Creek mine throughout the GFC and the recent market uncertainty. Territory has now cemented its reputation as a reliable supplier of quality high-grade iron ore in the Chinese market."
Further details of the production and shipping results for the June Quarter and 2010 Financial Year will be provided in the next Quarterly Activity Report which is to be released later this month.
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