Citi hikes PT, estimates on Australia's Mount Gibson on iron ore prices

MGX Minerals

27/04/2022 01:27

** Citi hikes price target on iron ore producer Mount Gibson
Iron Ltd  MGX.AX  to A$0.95 from A$0.80, retains "buy" rating
    ** On Tuesday, MGX reported https://www.mtgibsoniron.com.au/wp-content/uploads/2022/04/MGX-March-Quarter-2022-Activities-Report-Final.pdf
 March-quarter total iron ore sales of 238,000 wet metric
tonnes, slightly higher than last year
    ** Flags COVID-19-related employee absenteeism at Koolan
Island mine
    ** Brokerage lifts its earnings estimates on the back of
strong iron ore prices and MGX's upbeat production outlook
    ** Expects core net profit of A$41.9 mln ($29.92 mln), and
A$231.1 mln in FY23, compared with A$64 mln recorded in FY21
    ** MGX up 35.3% this year, as of last close, vs a 2.3%
decline in the ASX All Ordinaries index  .AORD  

($1 = 1.4002 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))