Australia's American Rare Earths hits 3-week high on research funding grant

American Rare Earths

30/06/2022 06:05

** Shares of exploration co American Rare Earths  ARR.AX 
rise as much as 21.6% to A$0.31, highest since June 8
    ** ARR says unit Western Rare Earths awarded $4 million
research funding to develop scalable, bio-based separation &
purification of rare earth elements  urn:newsml:reuters.com:*:nASX87djPc
    ** Says will initially receive $4 million for the first
phase of development but may receive an additional $9 million
for follow-on phases
    ** More than 3 million shares change hands, compared with
the 30-day average volume of about 1.6 million shares 
    ** Stock has risen 54.6% this year as of last close

 (Reporting by Anan Ashraf in Bengaluru)
 ((Anan.Ashraf@thomsonreuters.com;))