Mount Gibson Iron flags June quarter ore sales totaling $72 million

Company News

by Anna Napoli

Iron ore miner Mount Gibson (ASX:MGX) has today announced June quarter ore sales revenue for all products totaled $72 million.

Mount Gibson flagged total annual sales of 3.2 Million wet metric tones (Mwmt) and revenue of $240 million Free on Board (FOB).

Operating cashflow for the June 2019 quarter was $13 million before Koolan Island final pre-production expenditure of $18 million (net of initial shipments).

The company had cash and liquid investments of $385 million at 30 June 2019.

Mount Gibson says the ramp-up at Koolan Island contributed high grade ore sales of 0.4 Mwmt in the quarter, resulting in full year Direct Shipping Ore (DSO) sales for the Company of 2.9 Mwmt, within guidance.

Shares in Mount Gibson Iron (ASX:MGX) are1.9 per cent lower at 90 cents.

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