Ann: Quarterly Activities Report-MGX.AX, page-7

Didn't have to go far. It's on the co's website -
www.mtgibsoniron.com.au/operations/reserves-and-resources/

Extract from the Mineral Resource & Ore Reserve - June 2015 (released 17/8/2015)

“Obviously, the removal of most of the Ore Reserves at Koolan Island as a result of the failure of the Main Pit seawall is disappointing but not surprising, given the events there and the extended period we anticipate will be required to resolve our insurance claim and complete technical and economic evaluation of redevelopment options.

“Nonetheless, Koolan Island’s Main Pit deposit remains a high quality, high-grade hematite asset that will continue to provide the Company with significant future opportunity value.”

"A significant change in the annual reporting period has been the removal of most of the Ore Reserves from the Koolan Island Operation to 0.9Mt @ 60% Fe (30 June 2014: 28.2Mt @ 63.9% Fe) due to the inundation of the Main Pit in late 2014 with the failure of a seawall. At Koolan Island, a reduced Ore Reserve has been retained at the Acacia East deposit, where mining continues, while the Ore Reserve for Barramundi West has been removed."


So at the last full report for KI, June 2014, before the seawall collapse, KI had 28.2mt @ 63.9%Fe with 0.01% phos. Obviously at June 2015 the flooded main pit resource had to be removed.....

So under that body of water is one hell of a resource.....

If Mgx announced an acquisition of an io mine with those numbers, located where KI is to allow reduced shipping costs, everyone would be happy!!

I'm happy to wait for the, hopefully, obvious announcement that Mgx will look to rebuild the main pit seawall (with the insurers significant assistance...!!!), plus the additional settlement funds from the BI claim.

So probably not one for the ST traders. Patience will be needed, but looks like a pretty obvious plan to me....

GLTAH.