Magnetite Mines rises on positive metallurgical results at S.Australia project

Magnetite Mines

21/07/2022 06:34

** Shares of Magnetite Mines  MGT.AX  rise as much as 13% to
A$0.026, their highest since June 10
    ** Co announces https://www.asx.com.au/asxpdf/20220721/pdf/45c1lqnsvrp76n.pdf
 positive interim metallurgical results, confirming its ability
to produce high-grade concentrates
    ** MGT will immediately proceed with comprehensive
metallurgical test program to assess suitability of ores at its
Razorback iron ore project in South Australia for premium direct
reduced (DR) iron concentrates
    ** Says DR grade concentrates receive a significant premium
in pricing per tonnes on account of increasing demand
    ** More than 10 mln shares have changed hands, compared with
the 30-day average of about 6 mln shares 
    ** As of last close, MGT down ~11.2% YTD

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))