Mount Gibson Iron (MGX)

Shares / Stock Code

MGX

Stock Exchange / Sharemarket

ax

Mount Gibson Iron (MGX) is an iron ore exploration and production company. The key projects of the company are the Tallering Peak, My Gibson and the Koolanooka hematite deposits, situated in the Midwest region of Western Australia. Mount Gibson listed on the Australian Stock Exchange on 12 February, 1976. MGX is principally focused on the mining of hematite deposits at Tallering Peak and Koolan Island. It is also involved in the construction and development of hematite mining operations at Extension Hill, in addition to the exploration and development of hematite deposits at Koolan Island and in the Mid-West region of Western Australia. The production from Tallering Peak is 3 million tonnes per annum (Mtpa). The production from the Koolan Island hematite mining operation is expected to rise from 3Mtpa towards its targeted production rate of 4Mtpa by June 2010. The development and construction of the Extension Hill hematite project is expected to be completed by the quarter of June 2009. The Company has a strong presence in iron ore industry. MGX successfully completed the acquisition of Aztec Resources in February 2007.

The sound commercial relationships with leading Chinese steel industry customers, and the increasing high demand and prices provide the Company and its shareholders with an opportunity to take advantage from further commodity price rises. The Company is producing strong cash flow and it is committed to create value for its shareholders through its highly skilled and experienced management team.

Mount Gibson Iron History

The Company was formed in 1996, with a focus on iron ore exploration. It floated on Australian Stock Exchange in January 2002.