Australia's Latrobe Magnesium hits 21-year high on reduced cost estimates

Latrobe Magnesium

12/11/2021 03:53

** Shares of Latrobe Magnesium  LMG.AX  rise as much as
38.5% to A$0.180, their highest since March 6, 2000 
    ** Magnesium producer reduces capital cost estimate from its
proposed magnesium demonstration plant in Victoria to A$39 mln
($28.38 mln) from A$45 mln, thus increasing initial EBITDA
returns  urn:newsml:reuters.com:*:nASXbVwcHK
    ** Co also raises A$11.5 mln through an oversubscribed
placement at A$0.10 per share, a 30% discount to its last
closing price
    ** LMG stock on track for its fourth consecutive session of
gains
    ** Volumes are 2.1 times the 30-day average of 27.8 mln
shares
    ** As of last close, stock has gained more than five times
in value this year

($1 = 1.3740 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))