Australia's Latrobe hits over 7-mth high on signing lease finance agreement

Latrobe Magnesium

21/11/2023 04:24

** Shares of Latrobe Magnesium  LMG.AX  rise as much as
13.6% to A$0.075, highest since April 6
    ** Stock set to mark best day since Oct. 23 and a ninth
consecutive session of gain, if current trend holds 
    ** The magnesium producer enters into a lease finance
agreement for its demonstration plant equipment worth A$10.4 mln
($6.58 mln)
    ** Says the demonstration plant is being constructed in
Latrobe Valley in Victoria, Australia
    ** Adds agreement is expected to reduce co's debt levels to
A$5.1 mln from Jan. 1, 2024
    ** About 3.1 mln shares change hands compared with a 30-day
average volume of 1.6 mln shares
    ** Stocks down by 14.3% YTD as of last close


($1 = 1.5366 Australian dollars)

 (Reporting by Rajasik Mukherjee in Bengaluru)
 ((Rajasik.Mukherjee@thomsonreuters.com;))