I wasn’t going to rain on the iron ore party today but with the juniors flying it’s irresistible. From the SMH blog:
Mt Gibson Iron is one of the best performers today, with its shares up 4.7 per cent to 72c after reporting record full-year ore sales and revenue.
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 iron ore sales revenue also hit a record, totalling $890 million, following June quarter revenue of $194m.
…”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.
Don’t confuse that with dry metric tonne, which is obviously smaller and the more important comparative measure. Anyways, referring to the trusty UBS grade discounted break even chart, MGX is not bad:
But not good enough!
