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MAG Silver Corp. (NYSEMKT:MVG) stock jumped 18% Tuesday morning following the news that Fresnillo Plc (OTCPK:FNLPF), the world's largest primary silver producer, increased its stake in MAG.

Fresnillo said it acquired five million common shares of MAG at C$5.31 per share, bringing its total MAG holdings, including shares owned by affiliate Penoles, to 7,233,593 common shares, representing approximately 14.7% of MAG's common shares outstanding.

MAG stock, which was trading above C$15 earlier this year, rose C$1.03 to C$6.63 at half past noon on Tuesday.