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Central Iron Ore decreases pellet output by 1.9% y-o-y in 9M11

Central Iron Ore decreases pellet output by 1.9% y-o-y in 9M11

4 October 2011

Central Iron Ore (UX: CGOK UK, BUY) decreased pellet output by 1.9% y-o-y to 1.6 mln mt in 9M11, Interfax reported yesterday. Production of iron ore concentrate increased by 0.5% y-o-y to 4.5 mln mt during the period. Andriy Gerus: We reiterate our BUY recommendation due to strong earnings (net income rose 2x in 1H11) and expected dividends in February-March 2012 (dividend yield up to 25%-30% of the current market price).

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