Aussie mining services firm Aquirian soars on ammonium nitrate plant buy

Aquirian

19/10/2023 01:20

** Shares of Aquirian Ltd  AQN.AX  soar as much as 27.5% to
A$0.220, their biggest intraday pct 
    ** AQN stock at its highest level since Oct 10
    ** More than 121,470 shares change hands, vs the 30-day
average of 47,648
    ** Co says unit to buy assets and land comprising Wubin
Ammonium Nitrate Emulsion Plant from South Korean conglomerate
Hanwha Group
    ** Agreement for acquisition of 110,000 metric tons per
annum ammonium nitrate emulsion plant and land for A$9.6 mln
($6.08 mln)
    ** Expects facility revenue in A$40-A$60 mln range over
10-year project life, assuming company achieves ~30%-40% plant
loading by year 3-4
    ** AQN stock down 45.2% this year, as of last close

    ($1 = 1.5795 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))