Mount Gibson Iron’s reduction in iron ore mineral resources and ore reserve estimates in the 2019 financial year has been attributed to mining depletion at a number of its operations.
The company reported that total mineral resources were reduced by around 2.2 million tonnes in the year to June 30, 2019, bringing estimates to 74.2 million tonnes at an average grade of 61.8 per cent iron.
This was due to mining depletion of 1.5 million tonnes at the Iron Hill deposit at the Extension Hill mine in the Mid West, and 700,000 tonnes at the main deposit of the company’s Koolan Island operation.
Mount Gibson’s total ore reserves were also reduced over the year by approximately 700,000 tonnes to 20.3 million tonnes at 65.5 per cent iron grade.
Chief executive officer Peter Kerr said the company’s annual statement reflected the quality of its assets.
“Mount Gibson’s annual mineral resources and ore reserves statement underlines the quality of our mining assets, particularly our flagship Koolan Island mine which commenced high grade ore sales in late April 2019,” Kerr said.
“Koolan Island is the highest grade direct-shipping hematite iron ore operation in Australia, providing Mount Gibson with a unique platform to create long term value for its shareholders.”
Mount Gibson stated that minerals resources remained unchanged at the Acacia East and Mangrove satellite deposits at Koolan Island, and at the Extension Hill, Tallering Peak and Shine deposits in the Mid West.