Australia's Mount Gibson rises most in 7 years on improved iron ore shipments

MGX Resources

14/06/2023 04:04

** Shares of Mount Gibson Iron Ltd  MGX.AX  rise as much as
18.0% to A$0.46, their highest level since May 05, 2023  
    ** Shares set for best day since June 2016, if gains hold 
    ** Iron ore products maker says high grade iron ore
shipments from its Koolan Island operation have steadily
increased since the start of the current June quarter   
    ** Says co on track to achieve and potentially surpass its
shipping guidance for the 2022/23 FY 
    ** Co was earlier targeting high grade iron ore sales of
about 2.9 mln wet metric tonnes for 2022/23 FY
    ** About 3.4 mln shares change hands at 2:40 a.m. GMT
compared to 30-day average trading volume of 821,902 shares 
    ** Shares of co are down 19.6% YTD as of last close 
   

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