Australia's Mount Gibson hits 2-week high on upbeat qtrly production

MGX Resources

20/10/2023 02:43

** Shares of iron ore producer Mount Gibson Iron  MGX.AX 
rise as much as 4.5% to A$0.465, their highest since Oct. 2
    ** Co reports qtrly high-grade iron ore sales of 1.3 mln wet
metric tonnes (mwmt) from Koolan Islands, located off northern
Kimberley coast, Western Australia    
    ** Adds targeting FY24 sales of 3.8-4.2 mwmt of high-grade
iron ore from Koolan Island
    ** Says well positioned to achieve FY24 targets based on
island's forecast mining and shipping profile 
     ** More than 1.8 mln shares change hands as of 0122 GMT, vs
30-day average volume of 1.1 mln shares 
     ** Stock down 8.2% YTD, as of last close

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com;))