Australia's Magnum Mining rises on positive iron ore test results

Magnum Mining and Exploration

01/12/2021 02:50

** Shares of mineral explorer  MGU.AX  rise as much as 5.8%
to A$0.092, their highest since Nov 23 
    ** Co says results from an extensive test work program at
the Buena Vista Project completed by technical services co
Beijing Shougang International Engineering Technology in China
show successful production of dry iron ore concentrate at 63%
iron  urn:newsml:reuters.com:*:nGLF6Xwd73
    ** MGU says testing has confirmed the quality of the iron
ore concentrate and green pig iron
    ** Adds that Magnum green pig iron with low grade silica and
high carbon offers premium value in use for Electric Arc Furnace
steel makers
    ** Stock has risen 64.2% this year, as of last close

 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com))