Miner Carnaby up on deal with Rio Tinto unit for Queensland project

Carnaby Resources

02/08/2023 04:05

** Shares of Aussie copper-gold explorer Carnaby Resources
 CNB.AX  rise as much as 5.21% to A$1.110, biggest intraday pct
jump since July 14
    ** Stock at its highest level since July 21
    ** Signs farm-in and joint venture deal with a unit of Rio
Tinto  RIO.AX  for Devoncourt Project with potential iron ore,
copper, gold (IOCG) deposits in Queensland
    ** As part of deal, CNB can achieve a 51% JV stake in
Devoncourt Project by sole funding A$5 mln ($3.30 mln)
exploration by August 2028
    ** CNB may elect to scoop up additional 29% stake in JV by
sole funding exploration expense of minimum A$8 mln
    ** Stock up 12.8% this year, as of last close


($1 = 1.5138 Australian dollars)

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))