Southern Alliance Mining QNS is guiding for a net loss for the 1HFY2023 ended Jan 31.
The net loss is mainly attributable to lower production in iron ore which came as a result of “intense overburden removal activities” based on the group’s mining schedule.
The net loss also came amid expected lower revenue for the six-month period. The decline in revenue stemmed from the lower sales volume of iron ore coupled with a lower average realised selling price (ASP) for iron ore concentrate and iron ore tailing for 1HFY2023.
The group will be announcing its results by March 17.
Shares in Southern Alliance Mining closed flat at 60 cents on March 10.
