Southern Alliance Mining QNS is guiding for a net loss for its FY2023 ended July 31 on the back of a decrease in revenue.
In a filing, the company says the decrease in the production of iron ore concentrate is a result of intense overburden removal activities in accordance with its mining schedule as well as the transition from open pit mining to underground mining.
As such, the lower sales volume of iron ore concentrate coupled with a lower average realised selling price for iron ore concentrate for FY2023 have resulted in a lower revenue for the company.
The company will be announcing its FY2023 results by Sept 26.
Shares in Southern Alliance Mining closed flat on Sept 12 at 68.5 cents.
