Australia's Matrix Composities & Engineering up on Rio Tinto deal

Matrix Composites & Engineering

14/09/2022 04:56

** Shares of Matrix Composities & Engineering Ltd  MCE.AX 
rise 2.1% to A$0.245
    ** MCE signs joint development deal with Rio Tinto  RIO.AX 
for a trial replacement of steel conveyor components at RIO's
operations in Western Australia  urn:newsml:reuters.com:*:nASX3XWYfQ
    ** Matrix to get ~A$0.5 mln ($336,450) from Rio Tinto
    ** Co sees field trials by end of FY23; will own product
patent and IP
    ** Stock has risen 41.2% this year, as of last close
 ($1 = A$1.4861)

 (Reporting By Udbhav Krishna P in Bengaluru)
 ((UdbhavKrishna.P@Thomsonreuters.com))