MGX Resources (ASX:MGX) reported March quarter iron ore sales of 390,000 wet metric tonnes, down from 715,000 wet metric tonnes a year earlier, according to a Friday filing with the Australian bourse.

During the quarter, the company completed its acquisition of a 50% stake in the Central Tanami project joint venture in the Northern Territory for AU$50 million.

MGX Resources said it is now working with JV partner Tanami Gold to determine the best path to a development decision and future production.

Shares of MGX gained 3% in recent Friday trade.