Small Fair Value Upgrade to AUD 0.32 per Share Post First-Quarter Fiscal 2017 Production
We raise our fair value estimate for Mount Gibson marginally from AUD 0.31 to AUD 0.32 per share following first-quarter fiscal 2017 production. The company remains in a strong financial position with net cash growing from AUD 400 million at end June to AUD 437 million at end September 2016, largely due to receipt of the final insurance proceeds in July. Cash is equivalent to AUD 0.40 per share. Mount Gibson continues to trade near our fair value estimate and we believe it is the cheapest iron o...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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