Australia's Cufe soars as mining restarts at WA iron ore project

Cufe

20/01/2023 24:43

** Shares of Cufe Ltd  CUF.AX  jump as much as 33.3% to
A$0.024, posting their biggest intraday pct gain since July 1,
2022
    ** Mineral explorer says it has initiated a restart of
mining operations at JWD Iron Ore Project in Western Australia 
    ** Co owns 60% stake in the project via unit 
    ** Says restarting ops at JWD following an improvement in
iron ore prices
    ** Says it has drawn a $2 mln prepayment facility with JWD
offtaker Glencore  GLEN.L  to assist in funding working capital
associated with the ramp-up and activity at other projects
    ** Shares touch their highest since July 13, 2022
    ** Volumes 6x the 30-day average of about 1.3 mln shares
    ** Stock fell 63.4% in 2022
 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))