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Mount Gibson Iron Limited ( (AU:MGX) ) just unveiled an announcement.
Mount Gibson Iron Limited has decided to cease mining operations at Koolan Island following a significant rockfall, citing safety concerns and the limited remaining mine life. The company will continue processing operations using existing ore stockpiles and accelerate rehabilitation activities, resulting in approximately 250 redundancies and a $30-40 million transition cost. Despite this setback, Mount Gibson’s acquisition of a 50% interest in the Central Tanami Gold Project remains unaffected, and some Koolan Island personnel and equipment will be redirected to support this new venture.
The most recent analyst rating on (AU:MGX) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Mount Gibson Iron Limited stock, see the AU:MGX Stock Forecast page.
More about Mount Gibson Iron Limited
Mount Gibson Iron Limited is a company operating in the mining industry, primarily focusing on iron ore production. The company is known for its operations on Koolan Island and has expanded its interests into the gold sector with a stake in the Central Tanami Gold Project.
Average Trading Volume: 1,706,862
Technical Sentiment Signal: Buy
Current Market Cap: A$554.8M
For a thorough assessment of MGX stock, go to TipRanks’ Stock Analysis page.