MGX 0.00% 43.0¢ mount gibson iron limited

Golden Daisy should be loaded and gone by NYE, barring any...

  1. 2,343 Posts.
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    Golden Daisy should be loaded and gone by NYE, barring any unforeseen events, so that will be nine ships for the quarter for an estimated 669,000* tonnes of 65% iron ore shipped. For the half year the total would be 669,000 + 451,000 = 1,120,000.
    MGX has already indicated that the shipping rate should further increase in the next quarter to 12 -15 ships as the replacement screening plant becomes fully operational.
    There is a large quantity of stockpiled ore, probably still more than 500,000 tonnes of 65% Grade that has been mined, stockpiled, but not yet crushed to size.
    Combined with a rapidly decreasing strip ratio, it is to be hoped that this old dog may finally start moving towards a healthier cash balance.
    Of course there are macroeconomic factors to consider, such as the very recent rapid spread of Covid in China and higher interest rates almost everywhere which are already dragging on economic growth. But these are outside the scope of a ship tracking thread.
    I'll be voyaging to remote places in the next few months, South America and the Antarctic Peninsula, where internet availability is pretty sketchy so I'll leave the ship tracking to others and wish you Bon Voyage.
    * plus or minus 1%. Without actual 'boots on ground' intel, the best that can be done remotely is about + or - 500 tonnes per shipload. Hopefully the errors cancel each other out across a busy quarter for a fairly accurate result, but they could just as easily be all one way.
 
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