Mount Gibson chief executive Jim Beyer says the iron ore junior is still on the hunt for assets and projects around the Western Australia’s mid-west after investing $12 million in a nearby hematite project.

Mount Gibson bought the Shine iron ore project, located around 85 kilometres north-north west of Mount Gibson’s Extension Hill mine, from Gindalbie Metals on Monday as part of its strategy to accumulate nearby, low-cost assets and projects.