Fenix Resources is set to buy Mount Gibson Iron's Shine iron ore mine on care and maintenance and its rail and port assets in the Mid West under a $25 million deal.
Mount Gibson Iron has disclosed that repairs to its Koolan Island processing plant will take at least four months, affecting its planned increase in iron ore sales.
Mount Gibson Iron is suspending operations at its Shine site due to falling iron ore prices and high shipping costs, making it the fourth miner to close in recent weeks.
Mount Gibson Iron will have a leadership change at the end of the month, which chief financial officer Peter Kerr to succeed Jim Beyer as chief executive as the latter pursues other opportunities.