IRC Holdings Limited (IRC) faced challenges in the first half of 2024, recording a basic loss of approximately 10.8 million US dollars, contrasting with a basic profit of 9.3 million US dollars in the same period last year. The loss was mainly due to the decrease in ore grade at its flagship project, the K&S mine, which affected production efficiency. Despite the company's equipment improvements and production process adjustments, it still faced challenges due to technical issues and insufficient mining equipment readiness. Additionally, the temporary export tax introduced by Russia and the high inflation environment also exerted pressure on operating costs. The company is actively evaluating mitigation measures and plans to start mining operations at the Sutara mine in the second...Show More

IRC Holdings Limited (IRC) faced challenges in the first half of 2024, recording a basic loss of approximately 10.8 million US dollars, contrasting with a basic profit of 9.3 million US dollars in the same period last year. The loss was mainly due to the decrease in ore grade at its flagship project, the K&S mine, which affected production efficiency. Despite the company's equipment improvements and production process adjustments, it still faced challenges due to technical issues and insufficient mining equipment readiness. Additionally, the temporary export tax introduced by Russia and the high inflation environment also exerted pressure on operating costs. The company is actively evaluating mitigation measures and plans to start mining operations at the Sutara mine in the second quarter of 2024, expecting to improve operational efficiency. IRC Holdings also faced challenges in its business in Russia due to sanctions imposed by Western countries, affecting the supply chain and market access. The company's cash balance decreased to 39.4 million US dollars and net debt increased to 23.9 million US dollars as of June 30, 2024.