Australia's Carbonxt Group hits near 2-month high on increasing stake in joint venture

Carbonxt

27/06/2025 04:18

** Shares of Carbonxt Group CG1.AX rise as much as 13.6% to A$0.050, their highest since May 2

** Co increases ownership to 43.7% with $1 million payment in NewCarbon Processing, a joint venture to operate its flagship activated carbon production facility in Kentucky, U.S.

** Says facility remains on track for commercial production in mid-2025

** Stock posts biggest intraday percentage gain since November 2024

** Stock down 28.6% YTD, including moves in current session

(Reporting by Jasmeen Ara Shaikh in Bengaluru)

((JasmeenAraIslam.Shaikh@thomsonreuters.com;))