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Business Description: Mount Gibson Iron Limited (MGX) is involved in exploration, development and mining of iron ore in Western Australia. The company has three major projects being: Tallering Peak, Koolan Island and Extension Hill. For FY13, total ore sales were 8.8Mt. The total mineral resources and reserves as of June 2013 stood at 88.6Mt @ 61.9% Fe and 45.2Mt @ 62.1% Fe respectively.
Strategy Analysis: Mount Gibson seeks to maintain and grow long term profitability through discovery, development, participation and/or acquisition of mineral resources. The aim is to lift and sustain production beyond 10 million tonnes of iron ore a year and to extend life to beyond 15 years through exploration and development and/ore acquisition.
Mount Gibson Iron reported NPAT down 71.4% to $37.1m for the half-year ended 31 December 2012. Revenues from ordinary activities were $416.2m, up 10.4% from the same period last year, reflecting lower realised iron ore prices, broader product mix, and early adoption of new waste accounting requirements. Diluted EPS was 3.41 cents compared to 12 cents last year. Net operating cash flow was $43.13m compared to $123.16m last year. The interim dividend declared was 2 cents in line with 2 cents last year.
By Betty Lam (Sales Trader, CMC Markets) 18/12/2014 |
Lead by the Fed-fervour offshore, Australians shares jumped on the Yellen cheer wagon. The material and energy stocks were back in vogue as both sectors gained over 3% in morning trade.
By Michael McCarthy (chief market strategist, CMC Markets) 18/12/2014 |
In spite of a frenzied pre-mortem, a benign statement from the US Federal Reserve‚Äôs Open Market Committee and steadying commodity markets drove investors back into share markets overnight. A calmer, stronger ruble helped offset European growth fears, highlighted in the overnight session by further declines in inflation.
By Betty Lam (Sales Trader, CMC Markets) 11/12/2014 |
Offshore jitters sent ripples through to Australian stocks. The open saw the local equities take 65 points off the index, catalysed by a mass-exit in energy stocks, yet again.
By Ric Spooner (Chief Market Analyst, CMC Markets) 10/12/2014 |
Yesterday‚Äôs news on Greek politics and China‚Äôs bond market came at a time when US and European stock markets have extended rallies and pushed valuations higher. This makes those markets vulnerable to downward corrections as profit takers act to avoid missing out.
BR Securities Australia Pty Ltd 2/12/2014 |
December 2014 could go down as a nasty moment in Australian finance. MYEFO will reveal a deteriorating budget deficit and the UNFCCC meeting in Lima, Peru will provide the agreement, to be ratified in Paris in 2015, on how much (or little) CO2 is to be allowed into the atmosphere from 2020.
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