Mining firm receives nearly $50-million insurance payout

Posted On: Jul. 7, 2017 4:00 AM CST

Australia-based iron ore miner Mount Gibson Iron Ltd. said that it would receive insurance payout of more than $64 million Australia ($48.5 million) for damage sustained in the collapse of an open pit seawall in 2014, The West Australian reported. The collapse and resulting flooding damaged the company’s Koolan Island mine off Western Australia. The payout brings its combined insurance payout for property damage and business interruption from the pit collapse to AUD 150 million.