Australia's Magnum Mining eyes best day in 1 year on funding plans for Saudi project

Magnum Mining and Exploration

13/05/2024 01:56

** Shares of Magnum Mining and Exploration  MGU.AX  rise as
much as 64.3% to A$0.023, set for their best day since May 10,
2023, if gains hold
    ** Stock hits highest level since March 13 
    ** The iron ore concentrate and green pig iron producer says
it will undertake a capital raising of no less than $210 mln to
advance its green pig iron project in Saudi Arabia
    ** Says the capital raise is to fund the building of a
HIsmelt plant in the Kingdom of Saudi Arabia
    ** About 10.2 mln shares change hands, compared with the
30-day average volume of 711,169
    ** Value of Magnum Mining stock has fallen by half this
year, as of last close

 (Reporting by Sneha Kumar in Bengaluru)
 ((Sneha.Kumar@thomsonreuters.com;))