Mount Gibson Iron Limited
(ASX:MGX) has reported record ore sales and revenue for the 2014 financial year and built cash reserves to a record year end total of $520 million.
The iron ore miner increased annual iron ore sales by 11 per cent to 9.7 million wet metric tonnes over the 12 months to the end of June.
Despite a significant fall in the price for the steel making commodity this year the company’s iron ore sales revenue jumped to a record $890 million.
CEO Jim Beyer has described the result as very satisfying and vowed to deliver significant improvements through higher grade and quality products.
Mount Gibson Iron expects to release fiscal 2015 production guidance when it releases its fiscal 2014 financial results next month.
Mount Gibson reported a net profit of $78.3 million in the first half of the 2014 financial year.
