Australia's Carawine Resources jumps on potential mining joint venture

Carawine Resources

23/12/2022 02:57

** Shares of Carawine Resources Ltd  CWX.AX  jump as much as
6.4% to A$0.1, their highest since Sept. 16
    ** Stock posts its biggest intraday pct gain since Sept. 14
    ** The gold and copper miner says FMG Resources Pty Ltd, a
unit of Fortescue Metals Group Ltd  FMG.AX , has fulfilled the
conditions required to earn a 51% beneficial interest
 urn:newsml:reuters.com:*:nASX7S6Y1G
    ** Says under the agreement, a joint venture will be formed
between co and FMG with the initial interest being Fortescue 51%
and Carawine 49%
    ** Stock down 45% this year, as of last close
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))