Mount Gibson FY sales hit record 9.7Mt
PERTH (miningweekly.com) – Iron-ore miner Mount Gibson Iron has reported record full-year sales for the year ended June, following a strong quarter.
Free-on-board ore sales for the financial year reached 9.7-million tonnes, after June quarter sales of 2.6-million tonnes, to generate full-year sales revenue of A$890-million.
Quarterly sales revenue was recorded at A$194-million, Mount Gibson said on Thursday.
“The 2014 financial year has been a very satisfying year. We have achieved record ore sales and revenue, and built our cash reserves to a record year-end total of A$520-million, with negligible debt,” said CEO Jim Beyer.
The Koolan Island operation, in Western Australia, sold 1.2-million tonnes during the quarter ended June and 3.7-million tonnes for the full year, while the Mid West operations delivered combined sales of 1.4-million tonnes during the quarter and some six-million tonnes during the full year.
Ore sales from the Mid West operations would be reduced going forward as mining at the Tallering Peak operation was completed in June following ore reserve depletion after ten years of production.
Site closure was scheduled for September this year.
Beyer said that while the coming financial year was likely to be challenging for lower quality products, Mount Gibson would be able to deliver significant improvements through higher grade and quality products, enabling the company to better optimise cash flow margins and performance.
“We safely concluded operations at Tallering Peak after ten years of production, and with low-grade sales now concluded, we head into the new financial year well positioned to navigate volatile conditions with a robust balance sheet and a superior, improving product quality profile.”
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