Mount Gibson currently operates in the Kimberley region of WA, where its Koolan Island mine is located, and holds exploration tenements in the state’s Mid West region, from which it exported over 40Mt of iron ore between 2004 and 2021 from mines at Tallering Peak, Extension Hill and Shine.
In June 2023, Mount Gibson announced it had reached conditional agreement to divest its former Mid-West hematite iron ore mining and infrastructure assets to Fenix Resources Ltd for circa $25 million, comprising $10 million in cash and 60 million Fenix shares (equivalent to a 8.6% interest) and additional options. The assets sold to Fenix comprised Mount Gibson’s two bulk materials storage sheds at Geraldton Port, rail sidings at Perenjori and Mullewa, various items of plant and equipment, and Mount Gibson’s iron ore mining rights and other obligations at the currently suspended Shine iron ore mine near Yalgoo and the closed hematite iron ore mine at Extension Hill near Perenjori. Completion was achieved in late July 2023. The transaction did not include Mount Gibson’s exploration tenements in the Tallering Peak region where base metals exploration is ongoing.
Mount Gibson’s flagship operation, Koolan Island is located in the Buccaneer Archipelago 140km north of Derby. Acquired through the takeover of Aztec Resources Ltd in 2007, the former BHP mine boasts Australia’s highest grade hematite Ore Reserves which average over 65% Fe. Mount Gibson completed recommissioning of the former BHP mine and commenced shipments in April 2007. Mining was interrupted in late 2014 when the Main Pit flooded but continued in satellite pits until early 2016. Production and sales of high-grade hematite recommenced in April 2019 following a two year seawall reconstruction and mine refurbishment program. As of 31 December 2021, Mount Gibson had exported in excess of 30Mt of ore from Koolan Island.
Located 175km east of Geraldton, Tallering Peak was Mount Gibson’s first mine, commencing production in late 2003 and sales in early 2004. Sales exceeded 25Mt by the time production ceased in late 2014, and final site rehabilitation was concluded in 2015.
Mount Gibson increased its exploration tenure around, and to the north of, Tallering Peak during 2021-22, and preliminary exploration activities primarily targeting base metals commenced in mid 2022.
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