Plans to Cease Coverage of Mount Gibson
We advise we will cease coverage of Mount Gibson in July 2017 to focus on higher-quality names. We reiterate our no moat, very-high fair value uncertainty, and Standard stewardship ratings. Our unchanged AUD 0.37 per share fair value estimate reflects the likely restart of the relatively high cost Koolan Island mine, as well as our midcycle USD 35 per tonne iron ore price, at which point we expect the company’s operations to be meaningfully cash flow negative.Our no-moat rating incorporates the...
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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