Iron ore explorer Gindalbie Metals Ltd
(ASX:GBG) has reported a big drop in profit for the 2009 financial year.
Net profit for the 12 months to June 30 came to $26.22 million down from $44.52 million the year before.
Gindalbie yesterday received approval from the West Australian Government Minister for Environment for development of its Karara iron ore project.
The approval clears the way for for on-site construction and development of the large-scale Karara Project to proceed during the fourth quarter of 2009.
Majority of the company’s $33.45 million income for the year came from an investment by Ansteel in the Karara iron ore project and stake in Gindalbie.
Gindalbie Metals did not declare a dividend. Gindalbie Metals posted a profit in 2008 after losses the four years previous.
