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Mount Gibson Iron (MGX) Poor FY12 – Stock To Sell

Mount Gibson Iron (MGX) is Western Australia’s fifth-largest iron ore miner based on export volume. The company was one of the first new iron ore producers in the mid-west region of Western Australia and it took advantage of that position. MGX experienced a considerable boost in 2006, when it acquired Aztec Resources and its Koolan Island

BHP Announces Iron Ore Jumped 14%

Blue chip stock BHP announced that its iron ore production jumped by 14% to 37.9 million tonnes for the March quarter. The company said it was still on track to produce about 159 million tonnes of iron ore, despite the unusual wet season in the Pilbara. Production of petroleum products soared 58% to 56.5 million

Australian Mining Shares News Mount Gibson (MGX)

Mount Gibson (ASX:MGX) is Australia’s fourth-largest iron ore miner, based in Western Australia. On 27 July, MGX announced an unaudited FY11 net profit of $239.5 million, which was up 80% on-year. However, iron ore production fell 26% in the same period, with lower costs the primary driver of the profit result. MGX shares slumped 4.3%

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