Strong first half for Mt Gibson

03 March 2007 | 09:28 Code : 13002 Geoscience events
Mount Gibson Iron has announced a net profit after tax of $27.4m for the six....

  Mount Gibson Iron has announced a net profit after tax of $27.4m for the six months ended December 31, 2006, an increase of $26m on the previous six months to the end of June last year.Mount Gibson’s Managing Director, Luke Tonkin said the company had been particularly pleased with its progress during the last 6 months, during which a large number of strategic objectives had been realised. “Mount Gibson has been able to demonstrate a significant increase in production from Tallering Peak, in line with forecast three Mtpa rates. Total ore mined by Mount Gibson increased 340 percent, with ore sold increasing by 144 percent over the period, compared with the six months ended June 30, 2006. Mr Tonkin said the company had progressed its Extension Hill Hematite project to feasibility, whilst demonstrating the project’s potential to provide significant financial returns.“Mount Gibson has successfully completed the acquisition of Aztec Resources Limited, which provides the company with a high-quality asset that delivers an increase in production, increase in mine life, reduction in operating costs, significant exploration upside and mitigates the geographical and infrastructure risks of the Mid West,” he said. Mr Tonkin said Mount Gibson had built a significant reserve base that will underpin its publicly released strategy of achieving 10 Mtpa production rates by 2010.“Over the next six months, Mount Gibson will focus on consolidating production at Tallering Peak, establishing production from Koolan Island and continuing to prepare Extension Hill Hematite for production in 2009,” he said

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