Australia's Mount Gibson Iron drops after fire at screening plant

MGX Resources

16/08/2022 02:30

** Shares of Mount Gibson Iron  MGX.AX  drop as much as 8.8%
to A$0.465, their worst intraday session since June 14
    ** Iron ore producer says a fire occurred in the product
sizing screen area in the Koolan Island crushing plant during a
scheduled maintenance shutdown on Aug. 12  urn:newsml:reuters.com:*:nGLF7Nm1SZ  
    ** Fire damaged part of product sizing screen assembly and
some associated equipment and ore processing through the plant
is currently suspended
    ** MGX says fire will slow the site's operational and
financial performance but is "recoverable" 
    ** Stock hits lowest level since July 13 
    ** MGX up 20% YTD as of last close 

 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))