viewSouth American Ferro Metals

South American Ferro Metals makes initial profit at Ponto Verde Iro Ore Project


South American Ferro Metals (ASX: SFZ) struck its first month of positive cash flows and a $500,000 profit as production continues to improve at its Ponto Verde Iron Ore Project in Minas Ferais state, Brazil.

To date, the company is the only Australian listed pure play iron ore producer in Brazil.

Contracts for concentrator construction are being finalised and the project is on track for start up in early calendar 2012.

The company will now focus on operational enhancements and a resource definition program is on target for completion in the fourth quarter of calendar 2011.

The company owns 100% of the mineral rights and the property located in the heart of the Iron Ore Quadrilateral in Brazil, 55 kilometres from the city of Belo Horizonte in the state of Minas Gerais, Southern Brazil.

The Iron Ore Quadrilateral is a prolific iron ore mining area, and the Project is located proximate to established mining operations, iron and steel plants and existing infrastructure.

In November 2010, the company commenced ore production and is currently selling its product to local steel producers in Brazil. 

The company is undertaking further drilling to confirm mineralised areas as JORC resources and to expand the exploration target base (ore body is open at depth).

Production is continuing to ramp up to the permitted 1.5 million tonnes per year by the end of 2011.

Quick facts: South American Ferro Metals

Price: - -

Market: ASX
Market Cap: -

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...



Electric vehicle sales to accelerate following coronavirus pandemic

Roskill analyst Jose Lazuen tells Proactive London's Andrew Scott severe falls were expected in EV sales but that European and Chinese policies coupled with consumer preferences have shown them to remain strong. He adds that policy is going to favour and push EV sales in certain jurisdictions...

2 days, 8 hours ago

2 min read