Australia's Magnum Mining jumps most in 48 weeks on U.S. iron plant deal

Magnum Mining and Exploration

12/10/2022 03:59

** Shares of Australian mineral explorer Magnum Mining and
Exploration  MGU.AX  rise as much as 16.7% to A$0.042, their
biggest intraday pct gain since Nov 2021 
    ** Co signs agreement to acquire 100% of the issued share
capital of Appalachian Iron Inc, a U.S.-based pig iron plant
 urn:newsml:reuters.com:*:nTUE45CPK3
    ** Says the deal gives Magnum Mining the right to enter a
formal licence agreement for the use of its smelting technology 
    ** Shares hit their highest levels since Aug 22 
    ** Stock down 59.1% this year, as of last close, vs a 10.7%
decrease in the benchmark S&P/ASX 200 index  .AXJO  
 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))