Otmane El Rhazi from Mining Weekly | Ferrous Metals Home.
Junior iron-ore miner Mount Gibson Iron swung into red during the 2015 financial year, as iron-ore prices fell and the miner was forced to cut back production following the failure of a seawall at its Koolan Island operation, in December 2014. An underlying loss of A$13.9-million was reported, before impairment, for the full year ending June, compared with a gross profit of a$173-million in 2014. A net loss after tax of A$911.4-million included an impairment charge of A$945.2-million, and compared with a net profit of A$96.4-million in 2014.
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