HBIS Resources Expects Magnetite Sales Of South Africa Subsidiary In 2023 To Exceed 10 Million Mt

HBIS Resources expects that the South African subsidiary's annual sales of magnetite will exceed 10 million mt, an increase of 31% from the 7.625 million mt in 2022; the expected sales of vermiculite in 2023 are 170,000 mt, an increase of 11% from the 152,500 mt in 2022. Sales of copper products in 2023 will be no less than 30,000 mt, an increase of 25% from the 22,400 mt in 2022.

The average grade of the ore is 58%. After magnetic separation processing, the iron content will rise to 62.5-64.5%.

The biggest problem that restricts the performance of the company is the transportation capacity, mainly due to the poor local infrastructure. The local freight is relatively high, and the railway fee is about $15/mt, and the road transportation fee is about $30/mt. The proportion of railway transportation is about 80%.

The company's book cash assets exceed 4.8 billion yuan. HBIS Resources intends to expand resource reserves and plans to acquire projects.

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