2024-01-31 13:13:05 ET
Champion Iron Limited (CIAFF)
Q3 2024 Results Conference Call
January 31, 2024 09:00 AM ET
Company Participants
Michael Marcotte - VP, Investor Relations
David Cataford - CEO
Alexandre Belleau - COO
Donald Tremblay - CFO
Conference Call Participants
Alexander Pearce - BMO Capital Market
Orest Wowkodaw - Scotiabank
Dalton Baretto - Canaccord
Lucas Pipes - B. Riley
Craig Hutchison - TD Securities
Steven Ioannou - Cormark
Brian MacArthur - Raymond James
Presentation
Operator
Good morning, ladies and gentlemen. And welcome to Champion's Third Quarter Results of Financial Year 2024 Conference Call. At this time, all lines are in a listen-only mode. Following the presentation, we will conduct a question-and-answer session [Operator Instructions]. This call is being recorded on Wednesday, January 31, 2024. I would now like to turn the conference over to Michael Marcotte, VP, Investor Relations. Please go ahead.
Michael Marcotte
Thank you, operator. And thank you everybody for joining us today to discuss our Q3 results of the financial 2024. Before we get going, I would like to turn people over to our website where you can find the presentation we will be using for session under the investors tab and Events and Presentation. Also we will be making forward-looking statements throughout this call. And for more information on forward-looking statements, you can also look at our MD&A, also available on our Web site. Joining me here today is our CEO, David Cataford; our COO, Alexandre Belleau; our CFO, Donald Tremblay. Our CEO, David, will make the formal portion of this call and then we will follow-up with Q&A as well towards the end. With that, I'll turn it over to David.
David Cataford
Hi, everyone. Thanks for being here today. So if we look at the third quarter highlights, I think the biggest highlight for us is the fact that we have managed to surpass our nameplate capacity and deliver roughly about 4 million tonnes during the quarter. So very big achievement that we have managed to do and we will be able to run through what that means for us. A little bit underwhelming has been the delivery on the rail operator of allowing us only to sell about 3.2 million tonnes. We will be able to address that portion a little bit further into the call as well. As we have always said, when those plants are running smoothly, it also allows us to tweak the recovery circuit and increase our iron recovery. So another highlight during the quarter is the fact that we have managed to achieve 81.4% iron recovery, just shy of our 82% target. But again, we feel confident we will be able to achieve that once we continue operating in a stable manner and able to tweak that recovery circuit, but we now know that the plant can deliver over the nameplate capacity. What that means in terms of our cash costs? Our cash costs were trending in the right direction going from roughly about $74 to $73. So we have improved slightly the cost but we will be able to go through the different elements that are entailed in this. So very happy of the highlights that we managed to achieve during the quarter....
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Champion Iron Limited (CIAFF) Q3 2024 Earnings Call Transcript