mount gibson iron posts record profit

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Mount Gibson Iron posts record profit
Thursday Aug 30 19:26 AEST
Iron ore producer Mount Gibson Iron Ltd has posted a record net profit during which time it gained control of Aztec Resources Ltd and lost control of Asia Iron Holdings Ltd.

The company reported a net profit of almost $47.8 million, up 103 per cent on the previous 12 months to June 30.

Net assets now total $454 million, up 316 per cent on the previous financial year to June 30.

Earlier this month, Western Australian Environment Minister David Templeman advised that the Mt Gibson (Extension Hill) iron ore and infrastructure project could proceed, and was not conditional on the remaining ridges of banded iron formations in the Mt Gibson area that contain rare flora.

Approval by the state and federal governments for the project is expected by late September.

Mount Gibson Iron closed two cents, or 1.38 per cent, higher at $1.47 on Thursday.