Australia's Magnum Mining rises on deal to develop magnetite mine in Nevada

Magnum Mining and Exploration

01/09/2023 06:33

** Shares of Magnum Mining and Exploration  MGU.AX  rise as
much as 12.9% to A$0.035, their highest level since Aug. 25
    ** Stock last up 9.7%, set for best day since July 18 
    ** Co enters agreement with Saudi Arabia-based co Middle
East for Metallic Industrial (Midmetal)
    ** Says deal expected to lead to negotiation to form an
alliance for development of MGU's proposed magnetite mine and
processing plant at its Buena Iron Project in Nevada
    ** Adds deal envisages Midmetal will become a magnetite
concentrate off-take customer 
    ** As of last close, stock up 47.6% this year

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))