Mt Gibson cancels another contract

Iron-ore miner Mount Gibson Iron has cancelled another offtake agreement for its Iron Hill mine, in Western Australia, this time with Sinogiant Steel Holdings Group. The ASX-listed company said on Thursday that Sinogiant had failed to comply with a fundamental term under the offtake agreement, which was initially signed in November last year. The agreement would have accounted for about one-quarter of the first year’s planned production at the Iron Hill mine.