MGX Resources Limited. (MGX) Q4 2024 Earnings Call

Investor webinar replay

Replay transcript excerpt

Thank you for joining today's teleconference for the release of Mount Gibson's Iron FY 2024 financial results. Mount Gibson Chief Executive Officer Peter Kerr will be leading the discussion and is joined by Chief Financial Officer Jill Dobson and External Relations Manager John Facius. Mr Kerr will provide a brief overview after which there will be an opportunity to ask questions. Due to time constraints, only institutional participants will be invited to ask questions at that time. A recording of the call will also be available via the Mount Gibson website shortly after completion of today's teleconference. Thank you and go ahead thanks Peter. Thanks Lisa. Good morning all and thank you for joining us to discuss Mount Gibson Owns financial results for the 24 financial year. As usual I'll give a brief overview before handing back to Lisa for any questions you may have. And also as usual, any dollar references we make are to Australian dollars unless otherwise indicated. So the business delivered a solid operating and financial performance over FY24, particularly in the first half given the benefit of previous investments made at Coolman Island in overburden removal, plant improvements and the build-up of high-grade stockpiles which were monetised during the period. The second half was more challenging as iron ore prices weakened and mining was completed in the western half of the pit after which we commenced the planned transition to the eastern half and that will be the main source of ore over the mine's remaining two to three year life. Overall, sales were near the upper end of our guidance at 4.1 million wet metric tonnes, grading 65.3% iron. generating full-year sales revenue of just under $668 million free on board. Unit cash operating costs declined, but given ...