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Grange Resources fighting fit despite write-downs

Wednesday 2nd of March 2016 09:13:36 AM



Grange Resources who own Savage River mine in Tasmania are unconcerned about a loss of $278 million in 2015 following the collapse of iron ore prices.

Grange managed to rise from 2015 with a $50.9 million profit which was down from 2014’s profit of $76.4 million.

The Chinese-owned company shed 55 workers from the Savage River mine in January and were faced with significant write-downs to their assets.

A pick-up in prices this year and continued cost-cutting are helping Grange stay afloat.

"We still need to control the cost, and also we're doing other developments," said Grange Resources chairwoman Michelle Li.

Mining revenues were down from $297 million in 2014 to $206 million.



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