IRC Limited is a Hong Kong-based business that is focused on exploring for, developing, and operating industrial commodity projects, particularly in the mining sector. Its operations are centred in the Far East of Russia and in China's Heilongjiang Province.
Background
The company was incorporated on 4 June 2010 in Hong Kong as Thor Limited as an indirect wholly owned subsidiary of Petropavlovsk plc. In a corporate restructuring, the company acquired Aricom Limited, previously a London-listed iron ore mining company with operations in Russia, from Petropavlovsk plc. The company then changed its name to IRC Limited on 13 August 2010, and adopts its current title IRC Limited since 13 September 2010. IRC becomes listed on the Main Board of the Hong Kong Stock Exchange on 21 October 2010. On 17 January 2013, IRC entered into a conditional subscription agreement with each of General Nice Development Limited and Minmetals Cheerglory Limited for an investment by the latter in new shares of IRC up to approximately HK$1,845,000,000 in aggregate. IRC expects the subscription to be completed by the end of 2014. As of 31 December 2013, Petropavlovsk plc continues to be the largest shareholder of IRC, holding nearly 50% shares of IRC. General Nice Development Limited, another substantial shareholder of IRC, holds over 20% shares.
Operations
The Group's production and development sites are located in Russia's Amur Oblast and Jewish Autonomous Oblast, near the Chinese border. The Group's strategy is to leverage the close proximity of its operations to North East China and the presence of existing rail infrastructure, to provide a low cost solution to the region's demand for quality iron ore. "It also has a highly regarded and experienced international management team and its UKparent company has been delivering sizeable returns to investors ever since it became a listed company."
Projects
Kuranakh The Kuranakh mine was developed from a greenfield site and now produces titanomagnetite and ilmenite concentrate. The processing plant at Kuranakh was commissioned in May 2010 and commenced production in 2010. Kimkan & Sutara K&S is a magnetite project that is currently in the development stage. The K&S Mine is located in the Jewish Autonomous Region of the Russian Far East. It is currently in the development stage. At the end of June 2014, the project was estimated to be 78% complete, and commissioning targeted December 2014. In an interview with Bloomberg on 1 August 2014, the Executive Chairman of IRC Jay Hambro called the K&S project a "Game Changer" for IRC. Garinskoye Garinskoye is a magnetite project that is at an advanced stage of exploration.
