Mount Gibson Iron Limited (ASX Code: MGX) is an independent West Australian miner that has been producing iron ore since 2004 and is currently diversifying into precious and base metals.
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The Koolan Island hematite mining operation is located approximately 140 kilometres north of Derby in Yampi Sound, off the northern Kimberley coast of Western Australia. Almost 70-million tonnes of high-grade (Fe @ 67%) iron ore were mined by BHP from Koolan Island from 1963 to 1993. Mount Gibson acquired the mine and re-established production in early 2007, and has since exported in excess of 40Mt of high grade ore from the operation.
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