Mount Gibson Iron Limited (AU:MGX) has released an update.
Mount Gibson Iron Limited has reported a decrease in Mineral Resources and Ore Reserves at its Koolan Island operation, with total resources now at 19.1 million tonnes at 62.8% iron and reserves at 7.2 million tonnes at 65.1% iron. This year’s figures represent a significant reduction from the previous year, primarily due to mining depletion, economical viability reassessment, and adjustments in mineralisation boundaries. The company maintains that Koolan Island remains Australia’s highest grade direct shipping hematite iron ore operation with a 2-3 year expected mine life.
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