Mount Gibson Iron Limited (ASX:MGX)
says it’s on track to meet full year guidance after it achieved $60 million of iron ore sales revenue in the March quarter.
The junior miner has continued its focus on reducing costs and preserving capital and says it retains over $324 million in cash.
The company has reducing staffing by 19 per cent and suspended all exploration activity.
The company recently stood down the workforce at its Koolan Island pit after the collapse of a sea wall.
Mount Gibson Iron recently swung to a net loss of $870 million for the first half of the 2015 financial year.