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BC Iron Limited (ASX:BCI) has lowered its FY2015 guidance forecast on the back of lower shipments in the September quarter and sliding iron ore prices.
The iron ore producer said production slowed in the first quarter as new screening initiatives to deal with areas of high clay content were introduced resulting in missed shipments.
Production is expected to ramp up to previous levels in November however higher costs and lower sales in the first quarter could impact the final result.
BC Iron also said its off-market takeover of Iron Ore Holdings is progressing well and will complete during the December quarter. The acquisition is expected to strengthen BC’s balance sheet and provide future growth.
BC Iron reported a net profit of $73.6 million for the year ending 30th December 2014.
News: BC Iron downgrades guidance
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