(NewsDirect)
Century Global Commodities (TSX:CNT) CEOSandy Chim speaks to Thomas Warner from Proactive after publishing itsQ1 Financial Results as well as an update on how the businessperformed more generally during the three months to 30 June.
Chim highlights the headway made recentlywith its flagship Joyce Lake iron ore project in Canada - a project hedescribes as being now firmly "on the front burner" after along period of slow progress. He says that having weathered marketdownturns, the project now has a new lease of life due to a robustrecovery in the iron ore sector.
With a recent feasibility study displaying a solid $185 millionNPV after tax and a 20% IRR, he suggests the focus is on advancing theproject through technical and environmental assessments forconstruction. Regulatory agencies and local stakeholders have providedcomprehensive feedback on the Environmental Impact Statement, markinga significant milestone.
Additionally, Chim says that Century Global Commodities isseriously considering spinning-off the Project, targeting the end ofthe year or early 2024. He concludes with an update on the highlyrevenue-generative food sector of the business, which he says has beengrowing well despite challenging market conditions.
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