Australia's Mount Gibson Iron hits over 1-year low on subdued forecast

MGX Resources

17/07/2024 03:18

** Shares of Mount Gibson Iron  MGX.AX  fall as much as
11.6% to A$0.38, their lowest since June 8, 2023
    ** Stock posts its biggest intraday pct fall since June 14,
2022
    ** Iron ore producer says shipments and cargo grades in the
September 2024 quarter will be temporarily lower as mining
activity transitions as planned to the eastern areas of the
Koolan Island Main Pit
    ** Says high grade ore extraction and shipping rates will
increase after the transition
    ** Forecasts FY25 shipping volume of 2.7-3.0 million wet
metric tons (Mwmt), compared to 4.1 Mwmt sold in FY24
    ** Co posts iron ore sales of 0.9 Mwmt for June 2024 quarter
    ** About 4.4 mln shares change hands, compared with the
30-day average volume of 1.1 mln
    ** Stock has fallen 21.8% this year as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))