https://www.miningweekly.com
Financial|Freight|Iron Ore|Projects|Repairs|Waste|Waste
Financial|Freight|Iron Ore|Projects|Repairs|Waste|Waste
financial|freight|iron-ore|projects|repairs|waste-company|waste

Mt Gibson makes big profit jump on strong Koolan Island performance

21st February 2024

By: Creamer Media Reporter

     

Font size: - +

Iron-ore miner Mount Gibson on Wednesday reported an aftertax net profit of A$138.7-million in the half-year to December 31, compared with A$7.4-million in the corresponding period.

The significantly increased earnings reflected strong operational improvement and record half-yearly high-grade iron-ore shipments from Koolan Island during the reporting period.

The company mined 2.95-million wet metric tonnes (wmt) of iron-ore and sold 2.52-million wmt in the six months, generating revenue of A$432-million.

Mount Gibson is targeting total iron-ore sales of 3.8-million wmt to 4.2-million wmt of high-grade ore from its Koolan Island operation in the 2023/24 financial year, at an average site cash operating cost of $65/wmt to $70/wmt sold freight on board, before royalties and capital projects.

Mt Gibson explained that the operational progress at Koolan Island followed the completion in the prior year of the bulk waste stripping programme, upper footwall ground support activities and processing plant repairs.

Consequently, the focus of activity was on substantially increased high-grade ore production and the sale of previously stockpiled ores to generate cashflow and accelerate the rebuild of the company’s cash and investment reserves.

Edited by Creamer Media Reporter

Comments

Latest News

Showroom

Yale Lifting Solutions
Yale Lifting Solutions

Yale Lifting Solutions is a leading supplier of lifting and material handling equipment in Southern Africa. Yale offers a wide range of quality...

VISIT SHOWROOM 
Willard
Willard

Rooted in the hearts of South Africans, combining technology and a quest for perfection to bring you a battery of peerless standing. Willard...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024
Resources Watch
Resources Watch
17th April 2024

Option 1 (equivalent of R125 a month):

Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format

Option 2 (equivalent of R375 a month):

All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.

Already a subscriber?

Forgotten your password?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.185 0.22s - 103pq - 2rq
1:
1: United States
Subscribe Now
2: United States
2: