With 8 ships already slated for the quarter (while still in the first month of the quarter), MGX is certainly living up to Bloomberg and Macquarie research of having the highest rate of growth of all the iron ore miners on the ASX.
Again, this is shaping up to be another record breaking quarter (8 ships already slated and just 7 more ships over the next 2 months to meet guidance of 15 to 18 ships).
With a massive stockpile, consistently hitting high grade with low waste ratio of around 1:1, and with retaining the mobile crushing plant to work along side the newly beefed up higher output plant, we are loading ships as quick as we can book them.
Even before the processing plant was beefed up it was capable of 4mt pa, now on top of improved capability the mobile plant has been retained to further boost production.
On top of that, C1 costs are down to $62 aud, while at the same time the iron ore price has increased to $231 aud CFR Quingdao.
The 4 quarters from Dec 22 to Sept 23 are seeing exponential growth in the cash position.
(20min delay)