Mount Gibson Iron Limited

Published : November 09th, 2014

Koolan Island Update and Revision of Sales Guidance

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Keywords :   Australia | Iron |

Koolan Island Update and Revision of Sales Guidance


Mount Gibson Iron Limited

ABN 87 008 670 817

Level 1, 2 Kings Park Road West Perth 6005, Western Australia PO Box 55, West Perth WA 6872

Telephone: 61-8-9426-7500

Facsimile: 61-8-9485 2305

E-mail: mailto:[email protected][email protected]

VIA: http://www.asxonline.com/

WWW.ASXONLINE.COM



ASX ANNOUNCEMENT ASX Code : MGX

10 November 2014

KOOLAN ISLAND UPDATE AND REVISION OF SALES GUIDANCE

Mount Gibson Iron Limited advises that it has lowered full year sales guidance to a range between 6.0 and
6.4 million tonnes for the 2015 financial year, following a change in the schedule to resume production in
Main Pit at the Koolan Island mine in the Kimberley.
This schedule change follows some further minor instability on the weekend during repair works that were being undertaken in the immediate area of the slip on 24 October 2014 that partially reduced the effectiveness of the constructed seawall.
Assessment of the instability has subsequently identified that additional remedial actions will be required to complete repairs and enable production to be safely resumed. Mount Gibson anticipates the planned remediation work may take approximately three months to complete, with an estimated capital cost of
$5-10 million. Progress of this plan will be closely monitored and updates provided as appropriate.
Mining continues to be suspended in Main Pit as a precautionary measure. Operations outside Main Pit are continuing as normal, including accelerated production in the Acacia East satellite pit.
The remediation programme will have no impact on the Koolan Island long term life of mine plan and Mount Gibson will utilise the intervening period to undertake further optimisation and productivity improvement work.
For further information, please contact:

Jim Beyer

Chief Executive Officer
Mount Gibson Iron Limited
+61-8-9426-7500

John Phaceas

Manager External Relations
Mount Gibson Iron Limited
+61-8-9426-7500
www.mtgibsoniron.com.au

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Data and Statistics for these countries : Australia | All
Gold and Silver Prices for these countries : Australia | All

Mount Gibson Iron Limited

CODE : MGX.AX
ISIN : AU000000MGX7
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Mount Gibson Iron is a iron exploration company based in Australia.

Mount Gibson Iron is listed in Australia, in Germany and in United States of America. Its market capitalisation is AU$ 455.1 millions as of today (US$ 301.1 millions, € 281.2 millions).

Its stock quote reached its highest recent level on November 05, 2010 at AU$ 1.81, and its lowest recent point on December 18, 2015 at AU$ 0.16.

Mount Gibson Iron has 1 096 560 000 shares outstanding.

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11/9/2014Koolan Island Update and Revision of Sales Guidance
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