Mount Gibson Iron (MGX) ASX200 Winner

Mount Gibson Iron (MGX) was the best performing stock on the ASX200 index this week. (Winner of the week in ASX200 for week 37 of 2007). The iron ore mining and exploration company increased their stock value by 14.706 percent, rising by 25 cents and closing the week at $1.95.

Mount Gibson Iron Limited is listed on the Australian Stock Exchange (ASX) under stock code MGX. You can view their investor website here. MGX was listed on the ASX on 12 February, 1976. Neil Hamilton is the Chairmand of Mt. Gibson Iron and Luke Tonkin is the Managing Director. Mount Gibson Iron Limited (Mount Gibson) is an Australian company engaged in the mining of hematite deposits at Tallering Peak, and the exploration and development of hematite deposits in the Midwest region of Western Australia. During December 2005, the Company completed the detailed mine schedules to exploit the existing ore reserve, which indicated that development rates at Tallering Peak would need to be increased to sustain three million tons per annum of ore production through to the end of mine life. In July 2006, 340,958 tons of iron ore was mined at Tallering Peak and 413,529 tons of iron ore was mined in August 2006. During the fiscal year ended June 30, 2006, 1,362,000 tons of ore from Tallering Peak was sold. On August 21, 2006, the Company and its wholly owned subsidiary, Mount Gibson Mining, sold their combined 73% interest in Asia Iron Holdings Limited to Sinom Investments Limited. Asia Iron Holdings Limited is the ultimate owner of the Extension Hill Magnetite Project. Browse for Australian stockbroker recommendations. Check your charts and good luck with your share trading!