Australia's Magnetite Mines set for best day in 2 weeks on MOU for project development

Magnetite Mines

14/11/2023 24:44

** Shares of Magnetite Mines  MGT.AX  rise as much as 10% to
A$0.330, hitting their highest level since Nov 1
    ** Stock set for best day since Oct 30, if gains hold
    ** The diversified miner signs non-binding memorandum of
understanding (MOU) with Pacific Partnerships
    ** MOU to support development and potentially finance co's
Razorback iron ore project
    ** About 136,235 shares change hands, compared with the
30-day average volume of 85,921 shares
    ** Magnetite stock down 50.6% this year, as of last close

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((Shivangi.Lahiri@thomsonreuters.com;))