Australia's MLG OZ jumps on getting material five-year contract

MLG Oz

02/09/2022 01:38

** Shares of Australia-based MLG OZ  MLG.AX  rise as much as
7.2% to A$0.52, their highest since Aug. 25
    ** The mining services provider says it has been awarded a
material five-year contract by Australia-based gold mine
operator Westgold Resources  WGX.AX   urn:newsml:reuters.com:*:nASX1NhY3S
    ** Says contract is expected to contribute about A$30
million ($20.39 million) in revenue in FY23
    ** Adds contract will service Westgold's operational hubs
across Murchison and Byrah basin regions, among others
    ** The Kalgoorlie-based company anticipates annual revenues
of A$40 mln, with revenue to build from December 2022
    ** Co has risen 3.2% so far this week
    ** Stock posts its biggest intraday pct gain since Aug. 22
    ** Co's eyes best performance in almost two weeks
    ** Stock has fallen 44.9% this year, as of last close

($1 = 1.4715 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))