Australia's Mount Gibson Iron sees worst day in 2 weeks on low sales

MGX Resources

21/10/2021 04:56

** Shares of iron ore producer Mount Gibson Iron Ltd
 MGX.AX  fall 4.4% to A$0.445 — on track for their biggest
intraday fall since Oct. 5  
    ** Co says total iron ore sales in Sept. qtr was 439 kwmt vs
1,373 kwmt 
    ** Adds iron ore prices declined rapidly in the qtr as 
Chinese government imposed reductions in steelmaking to meet the
defined production limits 
    ** MGX is in the process of suspending activities of Shine
operations over the next month 
    ** Co says it maintained its Koolan Island sales guidance at
about 2.0 Mwmt in 2021/22 and withdrew Shine project guidance 
    ** Says product discounts and penalties increased while
shipping freight charges more than doubled in Sept. qtr 
    ** Stock down 50% so far this year, as of last close 

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com))