Mount Gibson Iron Limited (AU:MGX) has released an update.
Mount Gibson Iron Limited capped off FY24 with iron ore sales reaching 4.1 million wet metric tonnes, nearly hitting the top end of their annual guidance, despite a slowdown in cash generation during the June quarter due to lower iron ore prices. The company’s financial reserves grew substantially to $436 million, excluding a $20 million investment in Fenix Resources Limited. Looking ahead, the company anticipates a temporary dip in shipments and cargo grades as they transition mining activities, with a forecast of increased extraction rates in the subsequent years.
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