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Why the Magnetite Mines (ASX:MGT) share price is rocketing 10%
Why the Magnetite Mines (ASX:MGT) share price is rocketing 10%
The Magnetite Mines Ltd (ASX: MGT) share price is 10% higher in early morning trade. We take a closer look into what the company announced today.
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Magnetite Mines Ltd(ASX: MGT) shares are soaring following the release of the company’s (corrected) third-quarter results on Friday afternoon. At the time of writing, the Magnetite Mines share price is trading 10.71% higher at 6.2 cents.
Magnetite Mines initially released its activities and cash flow report shortly after midday on Friday. But within a few hours, the revised version copy hit the market barely 50 minutes before it closed for the week.
Let’s take a look at the mining company’s activities and results for the quarter ended 31 March 2021.
Third-quarter financial results
Magnetite Mines spent $648,000 on exploration, evaluation and the purchasing of equipment over the quarter. It also reported staff and administration costs of $241,000.