Australia's Mount Gibson Iron hits 6-week high on quarterly results

MGX Resources

18/04/2024 03:29

** Shares of Australia's Mount Gibson Iron  MGX.AX  rise as
much as 5.5% to A$0.48, their highest level since March 8
    ** Stock posts its biggest intraday pct gain since April 5  
    ** MGX set for a second consecutive day of gain, up 4.4% as
of 0218 GMT
    ** Iron ore miner posts March-qtr iron ore sales of 0.7 mln
wet metric tonnes (Mwmt) vs 0.66 Mwmt reported last year
    ** Says qtrly ore sales revenue A$130 mln ($83.81 mln) free
on board
    ** "Continues to target FY24 sales of 3.8-4.2 Mwmt of
high-grade iron ore from Koolan Island" - MGX
    ** Stock down 17.3% YTD, as of last close

($1 = 1.5511 Australian dollars)

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