IRC Limited

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IRC Limited

IRC Limited (IRC; simplified Chinese: 铁江现货有限公司; traditional Chinese: 鐵江現貨有限公司) (SEHK: 1029) is a Hong Kong-based business that is focused on exploring for, developing, and operating industrial commodity projects, particularly in the mining sector. Its operations are centred in the Far East of Russia and in China's Heilongjiang Province.[1]

History

IRC was previously a wholly owned subsidiary of London-listed Petropavlovsk plc (LSE: POG).[2] The Group was spun-off in an initial public offering on the Hong Kong Stock Exchange in October 2010.

Operations

The Group’s production and development sites are located in Russia’s Amur Region and EAO, near the Chinese border.[3]

The Group’s strategy is to leverage the close proximity of its operations to North East China and the presence of existing rail infrastructure, to provide a low cost solution to the region’s demand for quality iron ore.[4] “It also has a highly regarded and experienced international management team and its UK parent company has been delivering sizeable returns to investors ever since it became a listed company.”[5]

Locations

Kuranakh (Amur)[4]

The Kuranakh mine was developed from a greenfield site and now produces titanomagnetite and ilmenite concentrate. The processing plant at Kuranakh was commissioned in May 2010 and commenced production in 2010.

Kimkan & Sutara (“K&S”) (EAO)[4]

K&S is a magnetite project that is currently in the development stage.

Garinskoye (Amur)[4]

Garinskoye is a magnetite project that is at an advanced stage of exploration.

Board of Directors

  • Jay Hambro, Chairman[6]
  • Yury Makarov, CEO,[6]
  • Raymond Woo, CFO[6]
  • Jonathan Martin Smith, Independent Non-Executive Director[6]
  • Daniel Bradshaw, Independent Non-Executive Director[6]
  • CF Li, Independent Non-Executive Director[6]
  • Dr Pavel Maslovskiy, Non-Executive Director[6]
  • Simon Murray, CBE, Non-Executive Director[6]

References

  1. ↑ IRC Offering Prospectus, 30 September 2010. p. 1.
  2. ↑ Lewis, Leo, “Petropavlovsk Float”, The Times, 11 September 2010.
  3. ↑ Crust, Julie, “Update 2-Petropavlovsk plans iron ore unit HK IPO for October, Reuters, 11 September 2010.
  4. ↑ 4.0 4.1 4.2 4.3 IRC Global Offering Prospectus, 30 September 2010, pp. 1–3
  5. ↑ Jönsson, Anette, “IRC to Relaunch IPO This Week After Cutting the Size”, FinanceAsia.com, 11 October 2010.
  6. ↑ 6.0 6.1 6.2 6.3 6.4 6.5 6.6 6.7 IRC Offering Prospectus, 30 September 2010, p. 274.

External links

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