Posted in | Iron Ore | Mining Business

Mount Gibson Iron Ends Agreement with Shougang Concord

Mount Gibson Iron Ltd has ended its agreement with Shougang Concord International Enterprises. The agreement included the sale of 80% of its mine production to the Chinese steel manufacturing company from the Extension Hill mine. The company did not give any specific reason for the termination of the agreement.

In a statement Mount Gibson said that its sale of iron ore to APAC Resources Ltd was still on despite the two companies not having reached an agreement to revising the pricing mechanism. Mt Gibson Iron Ltd said that it has retained an ability to terminate this sale agreement as well.

The company said that discussions with other parties who were interested in buying iron ore from the Extension Hill mine were on since January 2011. They also said that they were confident of finding replacement agreements on terms commercially more acceptable to them in the next few months.

It is a leading Australian producer of hematite iron ore. It was listed in the Australian stock exchange in 2002. Based in Perth the company took over Aztec resources in February 2007. It has a strong presence in the Midwest region of Western Australia.

Joel Scanlon

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Joel Scanlon

Joel, originally from the UK, emigrated to Australia in 1995 and spent 5 years working in the mining industry as an exploration Geo-technician where he developed skills in GIS Mapping and CAD. Joel also spent a year working underground in a gold/copper mine. Upon moving to the North Coast of NSW, Australia Joel worked as a graphic designer for a leading consultancy firm before starting a successful business providing graphic and web design services to local businesses on the eastern seaboard of Australia. Joel is skilled in project management, web programming, design, animation, database and networking, software and editing. Joel has been with AZoNetwork since its inception in 2000.

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