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The latest announcement is out from Mount Gibson Iron Limited ( (AU:MGX) ).
Mount Gibson Iron Limited announced a significant acquisition agreement to acquire 50% of the Central Tanami Gold Project, marking a strategic diversification into gold mining. The company reported steady performance at its Koolan Island iron ore operation, with plans to reduce operating costs and increase production in the final year of the mine’s life. The company also plans to change its name to MGX Resources Limited to reflect its transition into a multi-commodity producer, and it extended its share buyback program.
The most recent analyst rating on (AU:MGX) stock is a Hold with a A$0.50 price target. To see the full list of analyst forecasts on Mount Gibson Iron Limited stock, see the AU:MGX Stock Forecast page.
More about Mount Gibson Iron Limited
Mount Gibson Iron Limited is a company operating in the mining industry, primarily focused on the extraction and sale of iron ore. The company is known for its high-grade Koolan Island iron ore operation and is expanding its market focus by acquiring a stake in the Central Tanami Gold Project in Australia’s Northern Territory.
Average Trading Volume: 1,924,272
Technical Sentiment Signal: Hold
Current Market Cap: A$519.4M
For detailed information about MGX stock, go to TipRanks’ Stock Analysis page.