Mt Gibson announces it will follow Rio Tinto’s new iron ore prices

June 25, 2008

June 25th (Iron Ore Daily Post) – Australian miner Mount Gibson Iron has announced it will follow latest Rio Tinto’s iron ore price hikes. Yesterday, the company disclosed a statement notifying markets.

“Following the recent announcement by Rio Tinto Limited that Hamersley Iron had reached agreement with China’s Baosteel on the price for Hamersley lump and fine ores for the contract year commencing 1 April 2008, Mount Gibson Iron Limited (“MGI”) will be notifying existing long term iron ore contract customers that lump and fine ore prices will increase to 201.69 US cents per dry metric tonne unit and 144.66 US cents per dry metric tonne unit respectively, effective 1 April 2008. Existing MGI long term iron ore supply contract prices are based on annually negotiated.”

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