Will The Resilience Of Iron Ore Prices Last?
With negative rhetoric surrounding Australia's trade relationship with China, what is the outlook for Australia's iron ore miners?
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With negative rhetoric surrounding Australia's trade relationship with China, what is the outlook for Australia's iron ore miners?
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A glance through the latest expert views and predictions about commodities. Coal; oil; alumina; iron ore; gold; and diamonds.
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After repairing the seawall, and moving on Eric the crocodile, Mount Gibson is all set – weather permitting – to make its first sales at the end of March.
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Mount Gibson Iron ((MGX)) has revealed lower shipments and realised prices for Iron Hill fines were offset by reduced costs and better prices for the lump product in the September quarter.
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Junior iron ore miner Mount Gibson Iron (MGX) yesterday owned up to a loss of $870 million for the December half year.
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Iron ore prices have pulled back from US$130/t to circa US$120/t but Macquarie reassures the fundamentals for the commodity remain robust. Moreover, Australian shipments remain strong at around/above their guidance ranges while Vale shipments appear to lag.
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Fourth quarter production was mixed with lower realised prices because of an inferior product mix that was offset by lower costs. Koolan Island is on track for first shipments in early 2019.
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First half earnings were better than forecast, boosted by realised lump pricing. Earnings of $80m were 24% above Macquarie’s estimates.
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Mt Gibson is transitioning from drawing on lower grade stockpiles to higher grade Iron Hill ore but the transition has affected lower sales in the June Q, with shipment delays also impacting. Low grade price discounting is continuing to have a significant impact, the broker notes.
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The company has terminated a second offtake agreement for Iron Hill but still expects to be able to sell into the spot market. The termination is based on a failure to comply with a fundamental part of the agreement on behalf of the purchaser.
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