Australia's Magnum Mining jumps most in 25 years on signing offtake deal with Mitsubishi

Magnum Mining and Exploration

10/05/2023 02:35

** 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 covers the direct shipping of ore and iron
concentrates, along with pig iron, and steel plant wastes from
the project
    ** Shares hit their highest level since Oct 2022 
    ** More than 78.9 mln shares change hands, as compared with
the 30-day average volume of about 906,142 shares  
    ** 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 in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))