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Highlights
- Mount Gibson is an independent Australian iron ore producer.
- In 1HFY24, the company’s revenue grew to AUD 432 million, and NPAT surged to AUD 138.7 million.
- APAC Resources holds the maximum stake in MGX with a shareholding of around 37.27%.
Mount Gibson Iron Limited (ASX:MGX) specialised in iron ore mining, primarily operating in Western Australia-based Kimberley and Mid-West regions. Notably, the Koolan Island mine stands as MGX's flagship production asset.
In the first half of the financial year 2024 ended 31 December 2023, the company witnessed an 184.2% YoY rise in revenue to AUD 432 million and a 1774.3% YoY surge in net profit after tax to AUD 138.7 million. The profits were driven by operational improvements and record iron ore shipments from the Koolan Island operation.
Iron ore sales during the reported period stood at 2.5mn wet metric tonnes, compared to 1.1mn wet metric tonnes in 1HFY23.
Recent business update
Through an ASX filing dated 20 March 2024, the company shared its committed to cashflow generation from sales from its Koolan Island operation. The company seeks growth in bulk materials and base metals, especially in Australia.
Top 10 shareholders of MGX
The top 10 shareholders of MGX hold around 69.48% shareholding in the company. APAC Resources Ltd has the maximum stake in the firm with a shareholding of 37.27%.
Outlook
The company expects to record iron ore sales of 3.8–4.2mn wet metric tonnes from its flagship operations – Koolan Island in FY24. Expected cash operating cost is AUD 65-70 per wet metric tonne free on board.
The company seeks to tap potential investment opportunities with the aim of growing and extending its business.
Share performance of MGX
MGX shares closed 2.33% higher at AUD 0.44 apiece on 2 April 2024. The share price has declined by approximately 15.38% in the past one year and over 22% in the last three months.
The 52-week high of MGX is AUD 0.57, recorded on 2 January 2024, while the 52-week low is AUD 0.375, recorded on 1 June 2023.
Note 1: Past performance is neither an Indicator nor a guarantee of future performance.
Note 2: The reference date for all price data, and currency, is 02 April 2024. The reference data in this report has been partly sourced from EODHD/Others.
Disclaimer
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