Once the dust settles, Territory should fly on the basis of...

Once the dust settles, Territory should fly on the basis of other iron ore producers. I hope there are not to many MK skeltons in the closet

Mt Gibson Iron doubles profit as output, prices gain


Mt Gibson Iron doubles profit
Mt Gibson Iron Ltd, an Australian iron-ore producer, said full-year profit doubled to a record because of higher output and increased prices.
Unaudited net profit was A$113.3 million (US$111 million) for the 12 months to June 30, the Perth-based company said today in a statement to the Australian stock exchange.
Prices for steelmaking raw materials such as iron ore have leapt to records this year on rising demand for steel to fuel building booms in emerging economies such as China. Iron ore has gained almost fourfold since 2001.
Mt Gibson`s output rose to a record in the three months to June 30, it said. Production from the Tallering Peak mine in Western Australia increased 44% to 981,000t and output from the Koolan Island mine, also in Western Australia increased more than threefold to 945,000t.
Mt Gibson fell A$0.07, or 2.9%, to A$2.34 at the 4:10pm Sydney time close on the exchange before the earnings statement was issued. The stock has declined 17% this year compared with the 21% fall in the benchmark index.
(Bloomberg, July 21)