1. Legal action is progressing to recover the remaining 7.5% from the one insurer that did not participate insettlement of the business interruption claim as negotiated by all other insurers.
2. Based on the increased Ore Reserve estimate of 21.0 million tonnes at an average grade of 65.5% Fe, Koolan Island has an expectedmine life of over 5 years. The high grade and low impurities of the Koolan Island Main Pit ore mean that the operation will benefit fromthe high grade premiums existing in the current iron ore market.Life of mine all-in cash costs are projected at $48/wmt FOB, including development capital expenditure and final closure costs, resultingin an estimated breakeven Platts 62% Fe price of US$40/dmt CFR including capital and closure costs.
3. During the half-year, a final dividend of $0.03 per share fully franked ($32,987,000) in respect of the 2017/18 financial year wasdistributed by way of $18,347,000 in cash and the issue of 29,883,486 new shares under the Company’s Dividend Reinvestment Plan.An interim dividend for the half-year ended 31 December 2018 has not been declared.
4. Shares on Issue at 30th June 2018 = 1,091,813,060 Shares on Issue at 31st December 2018 = 1,128,369,730
5. The Company has $35,706,000 of franking credits available as at 31 December 2018 (31 December 2017: $49,843,000). The movementfrom the prior comparative period is related primarily to the payment in October 2018 of a fully franked dividend of $32,987,000.
6. The following sale agreements were in place with director-related entities during the period: * The sale to SCIT of 80% of iron ore from Koolan Island’s available mined production over the life of mine. * The sale to a subsidiary of APAC of 20% of iron ore from Koolan Island’s available mined production over the life of mine
Bring on those first HG Ore sales in April....!!!
GLTAH.
MGX Price at posting:
71.5¢ Sentiment: Buy Disclosure: Held
(20min delay)
