Australia's Metarock jumps on divestment of mining contracting business

Mastermyne

18/03/2024 01:30

** Shares of Metarock Group  MYE.AX  rise as much as 31.6%
to A$0.250, their highest since Jan. 17, 2023
    ** Stock posts its biggest intraday gain since Feb. 23, 2024
    ** Diversified miner says it will sell its PYBAR mining
contracting business to Queensland's Thiess Group for A$65 mln 
($42.61 mln)
    ** Says proceeds are expected to return co to net cash
position at completion
    ** About 2 mln shares change hands, compared with the 30-day
average volume of 101,294
    ** Stock up 52% YTD, as of last close

($1 = 1.5253 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))