Mount Gibson on track to meet sales target
Market watch top headlines
Shares in Mount Gibson Iron have jumped as the miner said it was on track to meet its full year sales target.
The miner on Tuesday said it had enjoyed record shipments during the six months to December 31, up 86 per cent to 4.43 million tonnes.
Chief executive Jim Beyer said the company was on track to meet its full year sales forecast of 8.0-8.5 million tonnes.
He said the rise in iron ore prices since September had been encouraging, but they could become more volatile in the future.
The miner was also on schedule cut $120 million to $150 million in spending in calendar 2013.
Mount Gibson announced last October plans to shed 270 jobs at its Koolan Island operation, off Western Australia's north coast, as it battled to control costs as iron ore prices fell.
Shares in the company closed on Tuesday three cents higher at 85 cents, after earlier rising more than five per cent.