Australia's Fenix hits 4-month high on acquiring Mount Gibson's iron ore assets

Fenix Resources

29/06/2023 02:00

** Shares of Fenix Resources  FEX.AX  rise as much as 3.8%
to A$0.275, highest since Feb 24
    ** Miner announces deal to acquire Mount Gibson Iron's
 MGX.AX  Mid-West iron ore and port assets 
    ** FEX says consideration payable to Mount Gibson consists
of A$10 mln ($6.60 mln) in cash and 60 mln ordinary shares upon
completion of deal
    ** Adds assets acquired include Shine Iron Ore Mine, which
has an estimated mineral resource of 15 mln tonnes at 58% ore
    ** Shares of Mount Gibson gain up to 1.2% to A$0.435
    ** More than 1 mln FEX shares change hands, compared with
the 30-day average volume of about 686,000 shares
    ** FEX up 10.4% this year, as of last close, while MGX had
fallen 11.3%
    
($1 = 1.5158 Australian dollars)

 (Reporting by Jaskiran Singh in Bengaluru)
 ((Jaskiran.Singh@thomsonreuters.com;))