MGX 2.22% 44.0¢ mount gibson iron limited

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    MOUNT GIBSON IRON LIMITED 2003-01-15 ASX-SIGNAL-G

    HOMEX - Perth

    +++++++++++++++++++++++++
    Mount Gibson Iron Limited's Marketing Manager, Mr Warwick Davies, has
    reported his high level of confidence of finalising medium term sales
    contracts within the next few months, for all of the Company's of 1.5
    Mtpa production of iron ore from its new mine at Tallering Peak,
    after visiting prospective Chinese customers last month.

    Mr Davies has reported that the Tallering Peak ore, which is
    extremely dense and hard with high iron content and low contaminants,
    is proving extremely attractive to steel makers because of its
    minimal degradation during handling and its inherent strength in the
    blast furnace. An added attraction is its relatively high content of
    magnesium oxide, which reduces the amount of flux that must be added
    during the iron making process for the removal of slag.

    The Company has restricted its potential buyers in both China and
    Japan to those steel mills operating through ports limited to
    receiving Panamax size vessels (65,000 DWT), similar to those which
    will be able to be loaded at Geraldton. Sales contract negotiations
    are focused on a number of steel mills located in north-east and
    central China, as well as two mills in Japan.

    A subsidiary of international steel trader, Stemcor Limited, has
    entered into a contract to purchase 500,000 tpa of lump ore for the
    life of the Tallering Peak mine and Glencore International SA has
    recently agreed to purchase 100,000 tpa of lump ore and 250,000 tpa
    of fines for its pig iron plant near Nanjing. Glencore has already
    contracted to purchase all of the planned production from the
    Company's proposed second iron ore mine at Mt Gibson.

    Mr Davies has also reported the current high level of iron ore demand
    in China will continue throughout 2003, strengthening the outlook for
    price increases.

    Mr Brian Johnson, Managing Director of Mount Gibson Iron Limited,
    said that the generally anticipated 3% to 4% increase in iron ore
    prices for 2003 together with operating cost savings becoming
    apparent as the Company finalises its contracting arrangements for
    the Tallering Peak Project, should largely offset the impact of
    recent increases in the exchange rate.


    A Dent
    COMPANY SECRETARY

    Enquiries: Mr Brian Johnson
    MANAGING DIRECTOR
    Telephone: 08-9485-2355
    E-mail: [email protected]
 
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