Australia's FYI Resources rises on Arafura deal to develop rare-earths facility

Cadoux

09/05/2023 03:56

** Shares of Australia's FYI Resources Limited  FYI.AX  rise
as much as 20% to A$0.120, hitting their highest since Feb 17
    ** Stock set to mark best day since April 17, if current
gains hold  
    ** The integrated alumina developer says co has signed
binding heads of agreement for the staged acquisition of 100% of
rare-earths rich mineral sands deposits Minhub Operations Pty
Ltd (MOPL) 
    ** Says in a separate deal, MOPL and Arafura Rare Earths
 ARU.AX  have signed a non-binding co-operation agreement to
investigate the joint development of the Minhub Mineral Sands
Processing facility in Australia's Northern Territory 
    ** Adds co would venture into processing mineral sands to
produce key rare-earths products at the project while Arafura
would get the first right of offtake for neodymium and other
rare earth concentrate produced from Minhub 
    ** Arafura shares up as much as 6.1%, set to mark best day
since April 11       
    ** FYI Resources stock down 31% this year, as of last close

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))