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Mount Gibson Iron Limited Reports Quarterly Results and Enters Gold Sector

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Mount Gibson Iron Limited Reports Quarterly Results and Enters Gold Sector

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The latest update is out from Mount Gibson Iron Limited ( (AU:MGX) ).

Mount Gibson Iron Limited reported iron ore sales of 0.63 million wet metric tonnes for the quarter, generating $65 million in revenue, with annual sales totaling 2.61 million tonnes. The company faced challenges due to lower iron ore prices and adverse weather conditions affecting operations at Koolan Island. However, it is preparing for increased production and reduced costs in the coming year. A significant development is the company’s acquisition of a 50% interest in the Central Tanami Gold Project, marking its entry into the gold sector. This move is expected to diversify its portfolio and potentially enhance its market position.

The most recent analyst rating on (AU:MGX) stock is a Buy with a A$0.38 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 the extraction and sale of iron ore. The company is also making a strategic entry into the precious metals sector, particularly gold, as evidenced by its recent acquisition of a stake in the Central Tanami Gold Project.

Average Trading Volume: 1,259,592

Technical Sentiment Signal: Hold

Current Market Cap: A$436.8M

Find detailed analytics on MGX stock on TipRanks’ Stock Analysis page.

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