Australian Strategic Materials dips to 2-month low on potential Vietnam disruptions

Australian Strategic Materials

23/10/2023 02:10

** Shares of Australian Strategic Materials  ASM.AX  dive as
much as 6.4% to A$1.310, their lowest since July 27
    ** Says it is not part of and has no involvement in
investigation of Vietnam Rare Earth Joint Stock Company (VTRE)
chairman
    ** Says earlier this year co signed deal with VTRE to
acquire 100 metric tonnes of rare earth oxides followed by a
three-way non-binding memorandum of understanding with
Blackstone Minerals  BSX.AX  to further explore opportunities
    ** Says co has been in discussions with VTRE regarding the
delivery schedule in deal and is yet to take receipt of this
material
    ** Co is in contact with relevant government agencies and
its MOU partners in Vietnam to better understand the current
situation - ASM 
    ** Stock marks its biggest intraday pct gain since Oct. 6  
    ** Stock down 8.7% this year, as of last close, vs a 2%
decrease in the benchmark S&P/ASX 200 index  .AXJO  


 (Reporting by Roushni Nair in Bengaluru)
 ((Roushni.Nair@thomsonreuters.com;))