According to the Zhitong Finance App, Iron Goods (01029) announced that in the first quarter of 2024, the production of about 531,200 tons of iron concentrate was produced, down 8.2% from the previous quarter and 19.7% year-on-year. Ore quality issues, lack of surface, and poor performance by third party mining contractors at the Kimkan mine continued to affect production in the first quarter of 2024. Sales volume was approximately 526,300 tons, down 10.4% from the fourth quarter of 2023 and 24.3% year-on-year, in line with the decline in production.

The cash balance decreased to US$49.8 million (December 31, 2023: US$56.6 million) and net liabilities increased accordingly to US$13.4 million (December 31, 2023: US$11.2 million), mainly due to interest payments on MIC loans of US$6.4 million, and changes in cash flow and working capital.

K&S continues to advance construction and preparation of the Sutara deposit, with the goal of commencing commercial mining operations in the third quarter of 2024.