|Mount Gibson Makes Headway on Koolan Island Ore Sale in March|
|= The high-grade Koolan Island Restart Project in the Kimberley region of Western Australia =|
Australia's Mount Gibson Iron Limited ('Mount Gibson') issued an update on its high-grade Koolan Island Restart Project in the Kimberley region of Western Australia. All preparation activities are progressing well for the restart scheduled at the end of March 2019.|
Mount Gibson temporarily suspended mining activity at the Koolan Island hematite mine's main pit due to a pit wall collapse in October 2014. The company then received a A$64.3 mil ($49.08 mil at $1=A$1.31) business interruption insurance settlement in cash. The planned sale in March will be the first after Mount Gibson restarts the Koolan Island operation.
According to Mount Gibson's 13 December announcement, de-watering work in the pit is now accelerating, with 60% or more of the in-pit water already removed. Bank reinforcement is also progressing as designed. High-grade iron ore (65% and 62% Fe) accounts for 18% of the entire production. Hopes are high for resumption of the operation, driven by the main clients' (Chinese steel mills) preference to high-grade ore.
|last modified : Tue 25 Dec, 2018 [10:36]|