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Mount Gibson posts 47% increase in sales

30th January 2023

By: Esmarie Iannucci

Creamer Media Senior Deputy Editor: Australasia

     

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PERTH (miningweekly.com) – Junior Mount Gibson Iron has reported a 47% increase in high-grade iron-ore sales during the three months to December, compared with the previous quarter, with sales reaching 0.7-million tonnes in the three months under review.

Sales for the half-year ended December were reported at 1.1-million tonnes.

Mount Gibson noted that iron-ore mining at its Koolan Island operations continued to increase, with production up 10% in the December quarter to 1-million tonnes.

“Performance during the December quarter reflected a significant operational and financial improvement on the previous period as we pursued interim crushing arrangements while repairs were advanced in the processing plant following the August fire incident. This has laid the foundations for a stronger second half despite delays to completion of the crusher repair works arising from the impacts on transport logistics of heavy rainfalls and flooding on the Kimberley mainland in late December and early January,” said CEO Peter Kerr.

“Mining performance at Koolan Island improved during the quarter with sales of high-grade 65% iron-ore increasing from the prior quarter by almost half, and substantial mined ore stockpiles accumulated for processing once plant repairs are completed in the current March quarter.

“The company’s interim processing arrangements utilising the undamaged primary components of the crushing plant enabled nine high grade 65% iron shipments to be completed during the quarter at the targeted average rate of three shipments per month.

“Positively, we are also pleased to have seen a steady improvement in iron-ore prices since late November as China has moved toward easing its long-standing Covid-19 restrictions and fostering economic growth. Consequently, Mount Gibson looks forward to increasing its shipment rates at higher realised prices in the coming year,” said Kerr.

Allowing for the impacts of transport logistics disruptions, Mount Gibson is expecting sales to reach the lower end of the existing guidance of between 3.2-million and 3.7-million tonnes in the full year.

Edited by Creamer Media Reporter

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