Insurance settlement boosts Mount Gibson FY net profit

Despite significantly lower iron-ore prices and challenging market conditions in the 2015/16 financial year, Western Australian iron-ore miner Mount Gibson has returned to profitability. CEO Jim Beyer attributed its positive full-year results, published on Wednesday, to disciplined cost control, positive operational cashflow and “the very welcome” $86-million received from settlement of the property damage component of the company’s Koolan Island insurance claim.