Australia's Magnum Mining rises on feasibility study for Saudi plant

Magnum Mining and Exploration

01/11/2023 24:31

** Shares of Magnum Mining And Exploration  MGU.AX  rise as
much as 21.7% to A$0.028, posting their biggest intraday pct
jump since Sept. 4 
    ** Iron producer reaches an agreement with Midmetal of Saudi
Arabia 
    ** Says deal to jointly fund feasibility study into
development of a HIsmelt facility in Saudi Arabia
    ** Says facility will operate on a net zero-carbon basis to
produce high-quality pig iron 
    ** Says study is expected to be completed by the end of 2023
    ** Co's shares hit highest level since Oct 2
    ** Magnum up 9.5% YTD, as of last close 
   

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))