Australia's Mount Gibson Iron plummets after Koolan Island mine suspension

MGX Resources

24/10/2025 01:01

** Shares of Australia's Mount Gibson Iron MGX.AX fall as much as 27.7% to A$0.34, their lowest since July 18

** Iron ore miner says it is suspending mining operations at its Koolan Island site as safety risks stemming from an October 16 rockfall make remediating the site unviable, although processing will continue

** Expects 250 redundancies and the loss of 200 contractor roles as a result

** Co withdraws its sales outlook for FY26

** Stock last down 25.5%, trimming YTD gains to 18.6%

(Reporting by Shruti Agarwal in Bengaluru)

((Shruti.Agarwal@thomsonreuters.com))