Australia-based iron ore miner Mount Gibson Iron Limited (Mount Gibson) has announced its operational results for the first quarter ended September 30 of the financial year 2017-18.
Accordingly, in the first quarter of the financial year 2017-18, Mount Gibson’s iron ore sales increased by 40 percent quarter on quarter to 841,000 wmt, while the company’s iron ore sales revenues totaled A$43 million, up 53.5 percent from the previous quarter.
Mount Gibson’s CEO Jim Beyer stated that in the September quarter the company delivered a solid performance amid continuing price volatility, as production ramped up at Iron Hill mine.
Meanwhile, during the given quarter, the company accelerated the high grade Koolan Island restart project, which remains on track to achieve first sales in early 2019. According to Mr. Beyer, the high quality of ore from Koolan Island will set the company apart in a market that is increasingly geared to premium quality products.
Mount Gibson’s sales guidance for the 2017-18 financial year ranges between 3.5 million wmt and 3.8 million wmt.