Rare earths developer Australian Strategic Materials gains on govt grant

Australian Strategic Materials

18/05/2023 03:13

** Shares of Australian Strategic Materials Ltd  ASM.AX 
rise as much as 9.4% to A$1.165
    ** Rare earths developer says its Dubbo Project in New South
Wales has been awarded grant of A$6.5 mln ($4.41 mln)
    ** Says funding is under tranche 2 of Australian govt's
Critical Minerals Development Program
    ** Adds funding will allow co to optimise final design of
project's carbon, water and residue management
    ** Stock down ~26% YTD, as of last close
 


($1 = 1.4743 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))