BC Iron shares reach record high

BC Iron shares have soared due to higher production and a doubling of its dividend to shareholders.

SHARES in iron ore miner BC Iron have reached an all-time high following a record production run.

Shipments from its Nullagine mine in Western Australia, in which Fortescue Metals holds a 25 per cent stake, reached five million wet metric tonnes in the 2012/13 financial year, up 41 per cent from from the previous year.

The final dividend to shareholders also doubled from the previous year to 30 cents per share.

BC Iron shares were up 27 cents, or 6.7 per cent, at $4.32 at 1252 AEST, well above their previous high of $4.21 reached earlier in August.

Managing director Morgan Ball said the record production run was achieved despite a fall in commodity prices.

"By any measure, the 2013 financial year has been an outstanding one for BC Iron," he said in a statement.

"BC Iron has achieved record production and financial results which has pleasingly been reflected in a very strong comparative total shareholder return."

BC Iron's profit in the year to June 30 fell by four per cent from the previous year $48.8 million, despite higher revenue, due to a loss on currency movements and writedowns on the value of some of its assets.