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% on the day, making it one of the worst performers in the Australian stock market. Click for FREE Daily Shares AdviceJuly 28, 2011
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% on the day, making it one of the worst performers in the Australian stock market. Click for FREE Daily Shares Advice
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