From The Australian:
Mount Gibson Iron said it would mothball its Koolan Island iron-ore mine in Western Australia following a series of landslips that left the main pit flooded with sea water.
Mount Gibson said the move would result in the majority of workers at the site being laid off, and a hefty impairment charge being included in its half-year accounts in February.
…Mount Gibson’s troubles at Koolan Island mean it no longer expects to meet a recently revised goal of selling 6.6 million to 7.0 million metric tonnes of iron ore in the year through to June. Instead, the company is now targeting annual sales of 4.4 million to 4.8 million metric tonnes.
Shares are down almost half to 24.5 cents:
