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Highlights
- Champion Iron is an ASX-listed iron ore mining and mineral exploration company
- In 3QFY24, CIA’s EBITDA jumped 109% and net income surged by 110%
- Investissement Québec has highest interest in CIA with 8.40% stake
Champion Iron Limited (ASX: CIA) is an Australia-based iron ore explorer and developer. The company’s major projects are located in the Southern Labrador Trough, which is amongst the largest source of iron ore in Canada. During the third quarter of the financial year 2024 (3QFY24), the company recorded an almost 44% YoY rise in its revenue to CAD 506.89 million, backed by increased sales volume of high-grade iron ore concentrate during the three months. The period saw a 109% YoY jump in its EBITDA to CAD 246.60 million and net income grew by approximately 110% to CAD 126.46 million.
Recent business update
Through an ASX update dated 11 April 2024, the company informed that during the three months ended 31 December 2023, it has achieved a record production of 4.0 million wet metric tonnes (wmt) of high purity 66.3% Fe concentrate. This development demonstrates the ability of CIA to surpass its recently expanded capacity of 15 million tonnes per annum.
Top 10 shareholders of CIA
The top 10 shareholders of CIA have around 38% shareholding in the firm. The highest stake in the company is held by Investissement Québec with a shareholding of 8.40%.
Outlook
Recently, the company has concluded the Kami project which is expected to deliver an annual production of 9 million wmt of Direct Reduction (DR) grade pellet feed iron ore. The company highlighted that this ore is anticipated to contain more than 67.5% Fe with a life of mine of 25-years.
By the second half of FY25, the direct reduction of pellet feed is expected to be concluded. Moreover. Hydro-Québec is targeting an 8000 to 9000 MW increase in power capacity in Québec by 2035.
Share performance of CIA
CIA shares closed 0.2% higher at AUD 6.90 apiece on 15 April 2024. In the last one year, CIA’s share price has declined by 1.15% and in the last six months, it has increased by 12.75%.
The 52-week high of CIA is AUD 8.75, recorded on 4 January 2024, and the 52-week low is AUD 5.16, recorded on 17 August 2023.

CIA Daily Technical Chart, Source: REFINITIV
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 15 April 2024. The reference data in this report has been partly sourced from REFINITIV.
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