Moly Mines Ltd said it mined 176,962 tonnes of iron ore at its mine in western Australia a fifth of its targeted production for the year, achieving the designed production rate three months ahead of schedule.

The Canada based company's Spinifex Ridge mine began commercial production in November and is expected to produce 820,000 tonnes of iron ore this year.

The company reported a quarterly operating profit of AUD 6.6 million after stockpile adjustments and before depreciation and amortization, at the mine.

Moly Mines in a statement said that production cost for the quarter was AUD 76.6 per tonne, below its budget.

(Sourced from Reuters)