Mount Gibson keeps its eye on the FY prize
PERTH (miningweekly.com) – Iron-ore miner Mount Gibson is on track to achieve its full-year production guidance, with the miner on Wednesday reporting record half-year sales of 5.1-million tonnes during the period ended December.
During the December quarter, the company sold about 2.5-million tonnes of iron-ore.
“Mount Gibson has delivered an excellent performance in the first half of the 2014 financial year, achieving record six monthly sales and a record period-end cash balance of A$484-million,” said CEO Jim Beyer on Wednesday.
He added that the company remained on track to achieve its full-year sales target of between 9-million and 9.5-million tonnes, despite some short-term rain-related interruptions at its Koolan Island project.
Ore shipments from the Koolan Island operation totalled 931 000 t during the quarter, with 65 000 t of crushed direct shipping ore (DSO) stored at the mine and 165 000 t of uncrushed DSO.
Mount Gibson’s Mid West operations delivered a strong performance during the quarter, shipping about 1.6-million tonnes combined from the Extension Hill and Tallering Peak operations.
Beyer pointed out that during the period under review, Mount Gibson also increased the total reported ore reserve, which added mine life and business value to the company.
“We achieved significant progress in this regard in the Mid West during the December quarter, undertaking our first exploration drilling programme at both the Fields Find and Extension Hill South areas, and agreeing to acquire the advanced Shine hematite project.”
He added that the company’s disciplined approach to growth would likely add significant value to its business both in the short and long term.
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