ASX-listed Mount Gibson Iron has agreed to a A$64.3-million cash settlement with its insurers for business interruptions suffered as a result of the failure of the Koolan Island Main Pit seawall, in Western Australia, in October 2014.
The mine was placed on care and maintenance at the end of 2014, with Mount Gibson currently reviewing the operation to determine options to rebuild the Main Pit seawall and resume large-scale production.
