In 2024, the sales volume of iron ore concentrate will decrease by 7.4% annually.

IRC (01029) announced that in the fourth quarter of 2024, it produced 636,362 tons of iron concentrate, an increase of 4.5% compared to the third quarter of 2024. Sales volume increased by 5.1% to 627,265 tons, in line with the increase in production for the quarter. In the fourth quarter of 2024, the quality of ore at Sutara has continued to improve since K&S began mining and processing Sutara ore in July 2024. In the second half of 2024, a total of 3,676,000 tons of iron ore were mined at Sutara. The crushing and screening plant at Sutara is expected to be operational by mid-2025, at which point the unprocessed Sutara ore, currently being transported 18 kilometers to the processing plant, will be processed on site before the pre-selected concentrate is trucked to Kimkan. The expected recovery rate from ore to pre-selected concentrate is 82%, resulting in a 18% reduction in transportation volume and costs. In the fourth quarter of 2024, Sutara ore accounted for approximately 63% of the total ore mined during the period. In the future, the proportion of Sutara ore is expected to further increase. In the 12 months of 2024, K&S operated at an average capacity of about 75%, producing 2,377,519 tons of iron concentrate, a decrease of 3.6% compared to the 2,466,829 tons of iron ore produced in the 12 months of 2023, primarily due to ore quality issues at Kimkan in the first half of 2024. Sales volume was 2,342,633 tons, a decrease of 7.4% compared to 2023.