Mount Gibson Iron (ASX:MGX) has reported that mining and stockpiling operations have continued to plan despite recent flooding in the region at the Koolan Island high-grade iron ore mine in Western Australia.
The company says the shipping rate of high grade (65% Fe) iron ore cargoes is scheduled to accelerate from the end of this month as crushing capacity expands.
It also says performance during wet season has been good with over 1.1 metric tons of high-grade iron ore now stockpiled for processing as crushing capacity increases.
Mount Gibson Iron says the material, once crushed, has a current market value in excess of $150M.