Australia's Magnum Mining jumps most in 25 years on signing multiple agreements

Magnum Mining and Exploration

10/05/2023 04:13

(Updates with new deal details, share moves)
    ** Shares of iron ore producer Magnum Mining and Exploration
Ltd  MGU.AX  rise as much as 105.9% to A$0.035, their biggest
intraday pct gain since Jan 1998 
    ** Co signs a memorandum of understanding (MOU) with
Mitsubishi Corporation  8058.T  for the supply of products from
its Buena Vista Project in Nevada, United States  urn:newsml:reuters.com:*:nFWN37626P
    ** Says MOU with Mitsubishi covers the direct shipping of
ore and iron concentrates, along with pig iron, and steel plant
wastes from the project
    ** Says co also entered into an agreement with Shandong
Province Metallurgical Engineering Co. (SDM)
        ** Adds under agreement SDM will undertake a feasibility
study for the HIsmelt Plant at Magnum’s Buena Vista Green Iron
Project in Nevada, USA 
  
    ** Shares hit their highest level since Oct 2022 
    ** Magnum stock down 19.1% this year, as of last close, vs a
3.2% increase in the benchmark S&P/ASX 200 index  .AXJO  


 (Reporting by Roushni Nair and Nausheen Thusoo in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))