News

Staff Reporter

, Hong Kong

Published:

4 days ago

Photo by Kaboompics.com via Pexels

IRC cuts losses to $159.4m in 2024

Revenue for the year fell 12.6%.

IRC Limited has reported a reduced net loss of $159.4 m (US$20.5m) for the year ended 31 December 2024, an improvement from the $1.22b (US$156.8m) loss recorded in 2023.

The company did not record any impairment provisions in 2024, compared to a $1.27b ($163.9m) impairment charge in the previous year.

The group's revenue also fell 12.6% to $1.72b (US$221.2m) due to ore quality issues in the first half of the year.

Production volume declined by 3.6% to 2,378kt, whilst sales volume fell by 7.4% to 2,343kt, reflecting the lower production levels. However, the company improved transportation logistics with increased shipments via the Amur River Bridge.

Additionally, IRC's K&S operation began mining and processing ore from the Sutara deposit in July 2024, with mining volumes gradually increasing.

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