Century Global Commodities Corp (TSX:CNT) wrapped up its 2022 financial year with a working capital balance of C$11.3 million, according to its year-end statements.
The Canadian company, which is advancing the Joyce Lake iron ore project in Newfoundland, said that the working capital consisted of cash, bank deposits and marketable securities totaling C$10.3 million, together with accounts receivables and other current assets of C$3.5 million, less accounts payable and other current liabilities of C$2.5 million.
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Joyce Lake is a direct shipping ore (DSO) project in Newfoundland and Labrador, close to the town of Schefferville, Quebec, which is serviced by a rail link directly to the ocean-shipping port of Sept-Iles.
Century Global is currently in the midst of updating a 2015 feasibility study on the project and is undergoing environmental assessment. Joyce Lake is held in a special purpose vehicle, Joyce Direct Iron Inc, which will be spun out into a separate listed company.
Century Global also owns Century Food, a company that markets food products sourced from Europe and Australia to be sold in Hong Kong and Macau. The business contributed C$8.7 million to Century Global’s topline revenue for the 2022 financial year, compared to C$8.8 million a year ago.
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