MGX
From IntFX
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[edit] Company Overview
Mount Gibson Iron Limited (Mount Gibson) is an Australian company engaged in the mining of hematite deposits at Tallering Peak, and the exploration and development of hematite deposits in the Midwest region of Western Australia. During December 2005, the Company completed the detailed mine schedules to exploit the existing ore reserve, which indicated that development rates at Tallering Peak would need to be increased to sustain three million tons per annum of ore production through to the end of mine life. In July 2006, 340,958 tons of iron ore was mined at Tallering Peak and 413,529 tons of iron ore was mined in August 2006. During the fiscal year ended June 30, 2006, 1,362,000 tons of ore from Tallering Peak was sold. On August 21, 2006, the Company and its wholly owned subsidiary, Mount Gibson Mining, sold their combined 73% interest in Asia Iron Holdings Limited to Sinom Investments Limited. Asia Iron Holdings Limited is the ultimate owner of the Extension Hill Magnetite Project.
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