A brief summary of BCI related interests from the MIN...

A brief summary of BCI related interests from the MIN quarterly.....

* Unplanned border closures and lockdowns implemented following COVID-19 outbreaks around the country continuedto impact MRL operations. Productivity was lower than expected with the forced curtailment of staff movementsadversely impacting expected production volumes. Operating costs remain under pressure, impacted by lowerproductivity, higher fuel prices and increased off-site costs for haulage and shipping.

* Iron ore shipments totalled 4.9 million wet metric tonnes (wmt) during the quarter, in line qoq and up 12% on pcp,driven by growth of the Utah Point Hub (includes IV and MIN's new Wonmunna mine). Shipments for FY22 are on target to meet the revised full-year guidance of18.5-19.5 mtpa (refer ASX Announcement on 18 November 2021).

* Discounts for low grade iron ore remained elevated during the quarter. The average realised iron ore price for thequarter was US$63.23 per dry metric tonne (dmt), 19% lower qoq, with a realisation against Platts IODEX of 58%.This realisation was negatively impacted by finalisation adjustments totalling US$29.4m for prior quarter shipments.Excluding prior quarter adjustments, shipments in the current quarter had an achieved price of US$69.16 per dmt.

* Significant engineering and detailed design continued to progress the Ashburton Project. During the quarter, twotranshippers were contracted to be built at a major COSCO shipyard in China.

UTAH POINT HUB - Numbers
‘000 wet metric tonnes Q2 FY22
Mined 2,869
Produced 2,963
Shipped 2,851
The volume of ore mined was in line with the previous quarter at 2.9M wmt.Produced and shipped tonnes increased as the Wonmunna ramp up continued.
(Note - no comments re IV at all. No breakdown of the contribution by IV - note "Wonmunna ramp up" comment.....)

UTAH POINT HUB - Commentary
* MRL continues to progress project development activities at Lamb Creek to support construction, which is scheduled to commence in Q4 FY22 (note - further pressure on IV).

ASHBURTON HUB (includes Bungaroo and Kumina Deposits) - Commentary
MRL progressed development activities at the Bungaroo South deposit. A total of 104 RC holes for 10,570m and 15diamond core holes for 1,501m were drilled throughout the quarter.Significant engineering and detailed design continued to progress the Ashburton project. Two transhippers were contractedto be built at a major COSCO shipyard in China. The contract has an option for an additional two transhippers to bedelivered in-line with the projected production ramp up. In addition, several critical supply contracts associated with thetranshippers are being finalised. The project economics are compelling through all economic cycles and the Companyremains ready to commence construction as soon as final Government and regulatory approvals are obtained.


Based on above, my guess is BCI may only be getting a couple of mil this quarter. Reduced output and price for IV. Nice to hear Ashburton appears to be progressing well.