CAP Mineria, the mining arm of integrated Chilean steelmaker CAP Group, delivered 4.1 million mt of iron ore products in the third quarter of 2017, down 8.5% year on year, CAP Group said Tuesday.
However, the value of the company's sales increased 22.5% to $291.26 million from $237.30 million in Q3 2016, while its net profit more than doubled to $55.19 million from $25.33 million in the year-ago quarter.
CAP said its Q3 earnings improved as a result of an increase in the average price of its iron ore shipments.
The company's average iron ore price increased 27.8% to $70.80/mt from $55.40/mt in Q3 2016, it said, without revealing the incoterm basis.
The iron ore products in the company's portfolio include pellet feed (Fe 67%-68%), concentrates (Fe 61%) and fines (Fe 62%). Mineria's pellets usually are in a Fe 65%-66% range.
