Australia's Mount Gibson hits near 3-month high on upbeat sales

MGX Resources

19/07/2023 02:21

** Shares of Mount Gibson Iron Ltd  MGX.AX  rise as much as
15.7% to A$0.515, their highest level since April 24
    ** Iron ore producer posts iron ore sales of 1.25 mln wet
metric tons (Mwmt) in June quarter
    ** Says FY23 full-year sales exceeded guidance at 3.0 Mmwt
    ** Co had forecasted group ore sales to be around the lower
end of the guidance range of 3.2-3.7 Mwmt in FY23 
    ** Sees production and shipping rates to remain sufficient
to attain sales of circa 4 Mwmt per year from co's Koolan Island
operation 
    ** Stock posts biggest intraday jump since July 14
    ** About 2.3 mln shares change hand compared to 30-day
average trading volume of 1.7 mln shares 
    ** Shares of co are down 8.3% YTD as of last close 
   

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