Iron-ore miner Mount Gibson chairperson Brett Smith has vowed that safety will remain the company’s top priority following last month’s rockfall at the Koolan Island iron-ore mine, in Western Australia, saying incidents like that will not happen “on my watch again".

In a copy of his speech delivered at the AGM, Smith said the October rockfall, which led to the suspension of mining at Koolan Island’s Main Pit, had “shifted the focus” of his first address as chair.

“After the significant rockfall last month, mining in Main Pit is suspended and pit access prohibited while expert assessment is undertaken to determine whether remediation can enable safe access,” Smith said.

He said the board’s unanimous decision to suspend mining was based on safety concerns and expert advice. “As a young engineer I had to visit a widow of a rigger killed during a rebuild of the lead smelter in Mt Isa,” Smith told shareholders. “I made a pledge then that I will never let that happen again on any project or within any company I manage.”

The company will continue to monitor the site over the northern wet season to assess the extent of the damage and its impact on geotechnical stability. Processing will continue from existing stockpiles, while the company explores third-party uses for the island to preserve cash and manage the suspension responsibly.

Mount Gibson had earlier withdrawn its 2026 sales guidance, citing the safety risks and limited remaining mine life at Koolan Island. The company estimated transition costs of A$30-million to A$40-million, with around 450 employees and contractors affected.

Smith said the focus was now shifting to growth through diversification, led by the company’s near-complete acquisition of a 50% interest in the Central Tanami gold project, in the Northern Territory. Early drilling results there were “promising,” he said, adding that the company’s strong cash position of A$485-million and zero debt provided flexibility for development and new investment opportunities.

As part of its transformation, Mount Gibson plans to change its name to MGX Resources, reflecting its broader move beyond iron-ore into gold and base metals.

On capital management, the board has extended its on-market share buyback for another year, having repurchased about 3.2% of shares to date.

Smith paid tribute to management, employees and outgoing board members for their contributions, and thanked shareholders for their continued support.

“Looking ahead, I’m optimistic as to what the company with its revised focus can achieve in the new year,” he said.