Australia's Magmatic Resources rises on JV agreement with Fortescue unit

Magmatic Resources

08/03/2024 24:21

** Shares of Magmatic Resources  MAG.AX  rise as much as
77.8% to A$0.08, their biggest intraday percentage gain since
Aug. 23, 2022
    ** Stock hits its highest level since July 24, 2023
    ** The mineral explorer says it executed a farm-in and joint
venture agreement executed with a unit of Fortescue  FMG.AX  
    ** Says FMG to spend up to A$14 mln ($9.27 mln) over six
years to earn up to 75% JV interest in its Myall Project in New
South Wales
    ** About 7.1 mln shares change hands, compared with the
30-day average volume of 224,436
    ** Stock down 8.2% YTD, based on last close

    ($1 = 1.5103 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))