Australia's MRG Metals rises on joint venture deal in Mozambique

MRG Metals

26/07/2023 02:26

** Shares of MRG Metals Ltd  MRQ.AX  rise as much as 40% to
A$0.0035, their highest level since June 16
    ** The heavy mineral sands explorer enters memorandum of
understanding (MOU) with Tianjin Lanqi Materials Co Ltd
    ** Co says MOU to form joint venture operation on Corridor
Sands projects, Mozambique 
    ** Says joint venture co in Mozambique will be owned 75% by
Tianjin Lanqi Materials and 25% by MRG Metals
    ** MRG stock posts biggest intraday jump since July 13
    ** About 38.4 mln shares change hands, compared with 30-day
average trading volume of 2.2 mln shares 
    ** MRG stock down 28.6% YTD, as of last close 
   

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