Australian miner MGX's Q2 iron ore sales up 142% QoQ

Published: Jul 21, 2026 13:37

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On July 20 Beijing time, Australian iron ore producer MGX Resources Limited (formerly Mount Gibson Iron) released its operational report for Q2 2026 (Q4 of the Australian FY2025-2026). The report shows:

Iron Ore Mining: In Q2 2026, MGX did not carry out iron ore mining, primarily processing low-grade inventory ore from the Koolan Island iron ore mine, with processing volume of 970,000 wmt. Following a rockfall in the main pit in October 2025, the company suspended mining, shifted to processing and selling low-grade inventory ore, while advancing mine site rehabilitation.

Iron Ore Sales: In Q2 2026, MGX sold 944,000 wmt of low-grade iron ore, up approximately 142.05% QoQ and up approximately 49.37% YoY. The average grade was 42.3% Fe, down from 44.2% Fe in the previous quarter.

On a fiscal year basis, for the full FY2025-2026 (July 1, 2025 to June 30, 2026), the company's iron ore mining volume was 680,000 wmt, and sales volume was 2.683 million wmt. Of this, high-grade fines sales were 869,000 wmt, and low-grade iron ore sales were 1.813 million wmt.

MGX stated that key rehabilitation earthworks at the Koolan Island iron ore mine are nearing completion, with overall rehabilitation work expected to be completed in Q3 2026 (July 1 to September 30, 2026). The final four shipments of low-grade inventory iron ore are scheduled for July 2026, after which the Koolan Island iron ore mine will transition to care and maintenance.

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