MOUNT GIBSON IRON LIMITED - REQUEST FOR TRADING HALT
MOUNT Gibson Iron’s development of the new Shine project in Western Australia’s Mid West region is ahead of schedule and on budget, with shipments targeted to commence early next quarter.
Mt Gibson Iron's March quarter was impacted by advanced stripping, the broker notes, leading to reduced sales, lower realised prices and higher costs.
Stripping is expected to continue into the June quarter. Sales should increase thereafter and costs reduce and buoyant iron ore prices continue to drive earnings upside momentum, with earnings increasing by 130% and 300% above the broker's forecast in FY22 and FY23 at spot prices. Outperform and $1.00 target retained.
Macquarie forecasts a full year FY21 dividend of 3.00 cents and EPS of 6.40 cents.
Macquarie forecasts a full year FY22 dividend of 7.00 cents and EPS of 21.80 cents.
At the moment all technical chart indicators are bearish within current strong downtrend. Until such time we see glimpses of a turnaround.. I'll continue to watch closely from the sidelines awaiting any potential buy alert.
DYOR as always.. Cheers tela
but this is not a genuine mining boom , in my opinion
the real thing is roughly three years away maybe more , the price is currently up on weak currencies , and supply chain disruptions , not massive demand
MGX is planning to expand , it means i will have to work harder to average down the share price
MGX has the advantage of Chinese on the board , so MIGHT have less pressure to find customer diversity
Australia's most valuable commodity Iron Ore has seen its price plummet by 45% since May, with warnings that next year could be worse.