Mount Gibson on track for full-year production guidance
PERTH (miningweekly.com) – Iron-ore miner Mount Gibson has declared its second-highest quarterly shipment rates for the three months to March, shipping some two-million tons of iron-ore product.
The miner said on Monday that shipments included two cargoes from the Koolan Island operations, and brought the amount of shipments for the nine-months to date to a record 6.4-million tons.
“Mount Gibson’s continued strong operational performance in the March quarter enabled us to capture the benefits of higher prices while also making significant progress on key business enhancement initiatives,” said CEO Jim Beyer.
“The strength of our business is reflected in solid operating cash flow generation and the payment of A$108-million in fully franked dividends over the last 19 months. Our strong cash backing, very low debt, robust operating performance and outlook highlight the clear value proposition that Mount Gibson represents.”
The company was on track to meet its full-year sales guidance of between 8-million and 8.5-million tons of iron-ore during 2013.
Beyer meanwhile said that completing the Koolan Island optimisation study had given Mount Gibson a clear pathway to generate maximum value from the company’s portfolio of operations over the coming years.
“Similarly, delineation of a maiden resource for the T1 deposit gives us confidence we will be able to generate additional sales from Tallering Peak and extend the mine life well into the next financial year.”
The Koolan Island operation was being expanded to produce some four-million tons a year of ore by the end of 2014. The staged ramp-up would see the workforce increase by 100 over the next nine months.
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