Company News: Mount Gibson Iron
Updated: 23 Aug 2010
As a leading independent Australian "pure-play" hematite iron ore producer, Mount Gibson Iron Limited (ASX Code: MGX) is well-established in the bulk commodities sector. With the successful takeover of Aztec Resources in late 2006, Mount Gibson has built a sustainable platform for future shareholder growth.
With Tallering Peak already operating at its targeted hematite production rate of 3 million tonnes per annum (Mtpa), the Koolan Island hematite mining operation ramping up from 3Mtpa towards its targeted production rate of 4Mtpa by December 2011 and development and construction of the Extension Hill hematite project scheduled for completion in the June 2011 quarter, Mount Gibson is well positioned to take advantage of strong Iron Ore prices. Annual production of 3Mtpa at Extension Hill will lift total Mount Gibson production to 9Mtpa in 2012.
Mount Gibson has firm commercial relationships with major Chinese steel industry customers, and with continued strong demand and prices the Company and its shareholders are ideally leveraged to benefit from further commodity price rises.
The Company is generating strong cashflow and has a stable and experienced management team focused on delivering returns to shareholders.
With Tallering Peak already operating at its targeted hematite production rate of 3 million tonnes per annum (Mtpa), the Koolan Island hematite mining operation ramping up from 3Mtpa towards its targeted production rate of 4Mtpa by December 2011 and development and construction of the Extension Hill hematite project scheduled for completion in the June 2011 quarter, Mount Gibson is well positioned to take advantage of strong Iron Ore prices. Annual production of 3Mtpa at Extension Hill will lift total Mount Gibson production to 9Mtpa in 2012.
Mount Gibson has firm commercial relationships with major Chinese steel industry customers, and with continued strong demand and prices the Company and its shareholders are ideally leveraged to benefit from further commodity price rises.
The Company is generating strong cashflow and has a stable and experienced management team focused on delivering returns to shareholders.
Business Category Exploration; Mining
Regions of Operation Australasia
Exchange Ticker MGX
Financial Information
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Exchanges listed on ASX
Share Holders
Market Cap
Shares Issued
Level 1, 7 Havelock Street
- West Perth
- WA
- 6005
- Australia
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