MOUNT Gibson Iron has posted record full-year ore sales and revenue, and remains confident of its position in the high-grade iron ore market as the sector continues to come under pressure from a weakened iron ore price.
In the June quarter iron ore sales came to 2.6 million wet metric tonnes (mwmt), an increase on the 2.3 mwmt in the previous corresponding period.
This brought full-year iron ore sales to a record 9.7 mwmt, an 11 per cent increase on the previous record set in 2012-13.
Full-year free on board (FOB) iron ore sales revenue also hit a record, totalling $890 million, on the back of June quarter revenue of $194m.
Mount Gibson chief executive Jim Beyer said 2014 has been a satisfying year for the company with record sales and revenue, but he flagged challenging times ahead for the under-pressure iron ore sector.
“While the coming year is likely to be challenging for lower quality products, Mount Gibson is able to deliver significant improvements through higher grade and quality products, enabling the company to better optimise cashflow margins and performance,” he said.
The iron ore price has lost more than 25 per cent since January, touching as low as $US89 a tonne. In recent weeks it has been charting a slow course back towards the $US100 a tonne mark and was today trading at $US98 a tonne.
The miner will offer full-year production guidance for fiscal 2015 when it announces its full-year results next month.
Source: The Australian
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