Published On: Sun, Aug 31st, 2014

Ivernia Inc. (OTCMKTS:IVWFF): Corporate Update

Ivernia Inc. (OTCMKTS:IVWFF) recently provided a corporate update with respect to 3Q14 sales of concentrate. The management now projects sales and revenues to be lower than budgeted in the 3Q14 as a result of a bridge closure near the Port of Fremantle, which is part of the rail transport route for the company for the sale of concentrate. The Fremantle rail bridge has been closed to traffic until repairs are completed. A cargo ship lost its “moorings” during a severe storm earlier this month, damaging the bridge.  The company was notified recently that the bridge may not re-open to full traffic until early September.

Ivernia Inc. (OTCMKTS:IVWFF) continues with mining and milling operations on site during the bridge closure and is not expecting any disruption in ongoing production activities. However, the bridge closure will impact the 3Q14 sales and revenues and are expected to be lower than 2Q14 results. The company is currently storing inventory both at site as well as at the Leonora terminal. The company is managing the cash flows during the bridge closure, causing temporary disruption in rail transportation. However, the management expects to achieve the full-year 2014 production and sales targets, driven by strong sales orders which may help it make up lost sales during the 4Q14.

Ivernia Inc. (OTCMKTS:IVWFF) is a base metal mining company with interest in the Paroo Station Mine, Western Australia. The company’s executive management team involves President and Chief Executive Officer Wayne Richardson and Chief Financial Officer Alan You Lee. Other team members include Todd Vains as the company’s Executive Vice President of Operations, D’Arcy Doherty as Vice President of Legal and General Counsel, Chamath Kodagoda as Corporate Controller, Doug Grimmond as General Manager for Rosslyn Hill Mining and Chad Bishop as General Manager for Risk Management and Compliance.

© Copyright 2016 OTC News Magazine. All rights reserved.