Mount Gibson Doubles Down on High-Cost Iron Ore With Koolan Island Restart
We lower our fair value estimate for Mount Gibson Iron to AUD 0.37 from AUD 0.42 per share after factoring in the likely restart of the relatively high cost Koolan Island mine. The company says it will cost approximately AUD 100 million of capital expenditure to restart the mine, with more than half of that directed toward rebuilding the seawall. Mount Gibson estimates the project has a net present value of AUD 106 million or AUD 0.10 per share, however, this assumes an iron ore price of USD 55 ...Mount Gibson Iron is a producer and exporter of iron ore. Co. is involved in the mining of hematite iron ore deposits at Koolan Island and Extension Hill, the exploration and development of hematite deposits in Western Australia and elsewhere, treasury management and the pursuit of mineral resources investments. Co. owns the Extension Hill mine in the Mount Gibson Range south east of Geraldton, and the Koolan Island mine off the Kimberley coast in the remote north-west of the State.
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