Mt Gibson Mining Buyback Programme, Western Australia

(CKNews) - On the fringes of Western Australia, Mount Gibson Mining announced an ambitious plan on 21 August: to buy back 5% of its issued 

shares at $0.33 per share, involving funds of about $20 million. The business not only owns the Kimberley region's richly endowed

 Koolan Island mine, with reserves of 21 million tonnes of iron ore grading an impressive 65.5 per cent, but also controls the Tarling Peak mine, 

175 kilometres east of Geraldton, which has exported more than 25 million tonnes between 2003 and 2014. The Isthmus Hill mine, also located

 in the same area, has exported more than 15 million tonnes of iron ore since 2011. However, in the second quarter of 2024, despite the 

company's total iron ore production of 716,000 tonnes, down 36.1 per cent year-on-year, sales volumes also decreased to 872,000 tonnes,

 down 30.2 per cent. Meanwhile, Australia's shipments to China increased to 15.341 million tonnes this week, while Brazil's increased 

to 5.708 million tonnes. Although the macroeconomic environment has improved and the black market has shown strong momentum, 

we still need to wait and see whether the iron ore market has really ushered in the dawn of a sustained recovery. The upward trend 

of the market in the short term paints a picture of a future full of variables.

Translated with DeepL.com (free version)