Another miner followed suit after Venture Minerals announced on September 17 that it had temporarily halted iron ore shipments at its Riley iron ore mine in Tasmania due to the metal's recent rapid decline.
Mount Gibson Iron Limited said in a statement that it took into account the recent significant negative movements in iron ore prices, product discounts and shipping freight.
The company will phase out operations at the Shine mine site in the Midwest and Koolan Island in Western Australia's Kimberley region.
The company said in a statement that the operation will continue mining and processing ore for the next month to facilitate shipping towards the end of October, after which the site will be put into "maintenance" until iron ore market conditions improve.
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