Summary by Futu AI
TIEJIANG FIELD CO., LTD. (“TIEJIANG FIELD”) ANNOUNCED ITS FIRST QUARTER OPERATING DATA FOR THE THREE MONTHS ENDED MARCH 31, 2024, SHOWING THAT PRODUCTION FELL 8.2% COMPARED TO THE PREVIOUS QUARTER AND SALES VOLUME DECREASED 10.4% DUE TO ORE QUALITY ISSUES AND POOR PERFORMANCE OF MINING CONTRACTORS. The Company's cash balance decreased to $49.8 million and net debt increased to $13.4 million, primarily due to MIC loan interest payments. Iron ore prices fell slightly in the first quarter, with 65% iron ore at an average price of $136 per tonne per tonne. The company is preparing the Sutara mine bed and is expected to start mining operations in the third quarter of 2024. In addition, Axioma Capital FZE LLC completed a mandatory unconditional cash contract for Teijiang field stock and now holds 56.76% of the company's equity. The Company will hold a conference call on May 27, 2024 to discuss first quarter operating data.