Mount Gibson Iron Limited
Sovereign Gold Company (ASX:SOC) is pleased to announce the appointment of Simon Bird as Corporate Advisor to Sovereign Gold. Mr Bird will assist the executive team as the company transitions from exploration to development of the company's IRGS projects at Mount Adrah and Uralla NSW.
Australian Market Report of September 23, 2010 includes; Moly Mines Limited's (ASX:MOL) (TSE:MOL) Spinifex Ridge iron ore project is on track for its first shipment in early December 2010, Falcon Minerals Limited (ASX:FCN) is ready to commence a diamond drilling programme at Collurabbie nickel-copper-PGE Project, the State Government has approved Mount Gibson Iron Limited (ASX:MGX) (PINK:MTGRF) upgrade of the train unloading facility at the Geraldton Port and UraniumSA Limited (ASX:USA) have advised that following in-fill drilling of the Blackbush Prospect within its Mullaquana Uranium Project.
Following the recent resource upgrade and positive beneficiation test results we have reinitiated coverage of Pluton Resources (ASX:PLV). We rate PLV a Speculative Buy with a target of A$0.76/share - based on our risked DCF valuation.
Mount Gibson Iron Limited (ASX:MGX) reported a record unaudited net profit after tax (NPAT) for the year ended 30 June 2010 of A$132.4 million, up from A$42.6 million last year. The company delivered a 23 per cent increase in ore production and a 20 per cent rise in ore sales, compared to the figures of previous year.
The Australian shares were stronger after an unexpectedly improved employment data. The market was also helped by a rise in Rio Tinto shares on expectation that it would follow its BHP Billiton in reporting upbeat earnings. At the close, the benchmark S&P/ASX200 index closed 40.9 points, or 0.91 per cent higher, at 4554.3 points while the broader All Ordinaries index rose 42.8 points, or 0.94 per cent, to 4575.8 points.
The Australian sharemarket closed slightly higher on Wednesday. Most of the early gains boosted by BHP Billiton's report of strong half-year production were offset by the losses after news that some Chinese banks have received verbal orders to stop lending for the rest of this month. At the close, the benchmark S&P/ASX200 index added 7 points, or 0.1 per cent, at 4868.2, while the broader All Ordinaries index gained 5.5 points, or 0.1 per cent, to 4895.1.
Mount Gibson Iron Limited (ASX:MGX) has entered into two agreements with Fushan International Energy Group (HKG:0639), Shougang Concord International Enterprises Company Limited (HKG:0697), Shougang Holding (Hong Kong) Limited and various subsidiaries of those companies.
Mount Gibson Iron Ltd (ASX:MGX) posted a net profit after tax of A$42.6 million for the year to June 30 2009, down 62 per cent on the previous year.
The Australian stock market staged a late rally on last Friday, with the benchmark S&P/ASX200 index closing up 63.6 points, or 1.9 per cent, at 3,416.5, while the broader All Ordinaries index gained 54.3 points, or 1.63 per cent, to 3,386.9. Market is struggling to recover with some "bear market rally" although the fundamental problems remain. Analysts said the recent fluctuation is because of uncertainty and the political factors are important at this stage.
Yesterday the Australian share market closed 3.5 per cent down at fresh four-year lows, largely dragged down by banks and miners, wiping A$34 billion from the value of the market. The benchmark S&P/ASX200 index was 129.8 points, or 3.55 per cent lower at 3523.2, while the broader All Ordinaries lost 126.4 points, or 3.47 per cent, to 3513.1 led down by resource and banking stocks. Analysts said the market fell more than expected as it was closing to the end of short-selling ban.