Miner Mount Gibson Iron has recorded a net profit of $39.3 million for the first half of the 2010 financial year while hitting new records in sales and mining.
In its December quarterly report released today, Mount Gibson reported it had sold 1.73 million tonnes of iron ore for the three months to the end of 2009, and 3.4mt for the half year, up 80 per cent and 41 per cent respectively on the previous corresponding period.
Production for the half year also hit a new record, with 3.7mt of iron ore mined, up 32 per cent on the previous corresponding period.
Unaudited net profit after tax was $39.3 million, up 195 per cent.
Mount Gibson said the net profit included a $13.8 million settlement deal with Sinom (Hong Kong).
Over the six months, the miner said it had delivered $US134.75 million into its US dollar foreign exchange forward contracts, at a weighted average of $A0.807.
At the end of the reporting period, Mount Gibson had $272 million cash on hand and $104 million in senior debt.
