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MGX RESOURCES LIMITED Capital/Financing Update 2005
65331_rns_2005-01-05_2adeef1d-28d2-4ace-bd4f-66c1322e5099.pdf
Capital/Financing Update
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Mount Gibson Iron Limited
First Floor, 7 Havelock Street West Perth 6005, Western Australia
ABN 87 008 670 817
PO Box 55, West Perth WA 6872
Telephone: 61-8-9485 2355 Facsimile: 61-8-9485 2305 E-mail: [email protected]
VIA: WWW.ASX.ONLINE.COM
6 January 2005
No. Pages = $1$
The Manager Company Announcements Australian Stock Exchange Limited Level 10, 20 Bond Street SYDNEY NSW 2000
TALLERING PEAK PRODUCTION RATES AHEAD OF BUDGET SUBJECT:
Mount Gibson Iron Limited advises that iron ore production from its Tallering Peak mining operation is ahead of budget for the first half of the year.
The Company shipped 469,000 tonnes of iron ore in the December quarter (Sept Q: 476,000 tonnes shipped), of which 292,000 tonnes was lump ore and 177,000 tonnes was fines. Iron ore production for the first half exceeded the budgeted production rate of 1.8 Mtpa.
The Company expects to produce iron ore at a rate of 2 Mtpa in the second half of the year, however, this remains dependent upon improved performance from the railway operator. The railway operator has recently provided commitments to supply rail wagons sufficient to meet Mount Gibson Iron's forecast production, by the end of next month.
Mount Gibson Iron is currently investigating the purchase of 35 rail wagons from China to ensure production and railing can accommodate an increase in the production rate to 2.5 Mtpa in the second half of 2005.
Yours sincerely MOUNT GIBSON IRON LIMITED
John Arbuckle Company Secretary
Enquiries: Mr Brian Johnson Managing Director Telephone: 08-9485-2355 E-mail: [email protected]