Century Global Commodities (TSX:CNT) CEO Sandy Chim speaks to Thomas Warner from Proactive after publishing its Q1 Financial Results as well as an update on how the business performed more generally during the three months to 30 June.
Chim highlights the headway made recently with its flagship Joyce Lake iron ore project in Canada - a project he describes as being now firmly "on the front burner" after a long period of slow progress. He says that having weathered market downturns, the project now has a new lease of life due to a robust recovery in the iron ore sector.
With a recent feasibility study displaying a solid $185 million NPV after tax and a 20% IRR, he suggests the focus is on advancing the project through technical and environmental assessments for construction. Regulatory agencies and local stakeholders have provided comprehensive feedback on the Environmental Impact Statement, marking a significant milestone.
Additionally, Chim says that Century Global Commodities is seriously considering spinning-off the Project, targeting the end of the year or early 2024. He concludes with an update on the highly revenue-generative food sector of the business, which he says has been growing well despite challenging market conditions.