Australia-based iron ore miner Mount Gibson Iron Limited (Mount Gibson) has announced its operational results for the fourth quarter and the financial year 2017-18, ended June 30.
Accordingly, in the fourth quarter of the financial year 2017-18, Mount Gibson’s iron ore sales decreased by 1.4 percent quarter on quarter to 963,000 wmt, while the company’s iron ore sales revenues totaled A$45 million, down 25 percent from the previous quarter.
In the full financial year, the company’s iron ore sales amounted to 3.6 million wmt, in line with guidance, rising by 12.5 percent, and the revenues from these sales rose by 11 percent to A$192 million, both compared to the previous financial year.
The company stated that at the end of the fourth quarter, its high grade Koolan Island project was 74 percent completed and it expects first iron ore sales from the project in the March quarter of the financial year 2018-19.