Australia's Eastern Resources sees best day in six weeks on MoU with Chinese firm

Eastern Resources

25/02/2022 02:39

** Shares of Eastern Resources Ltd  EFE.AX  climb as much as
18.4% to A$0.058, marking their best session since Jan 14
    ** The iron-ore explorer says that it has executed an MoU
with Yongxing Special Materials Technology Co Ltd for a
partnership to acquire and develop lithium-bearing lepidolite
projects  urn:newsml:reuters.com:*:nFWN2UZ2BB
    ** Co says within 3 months of executing MoU both firms will
enter into partnership and JV agreement regarding potential
supply of lepidolite concentrates and acquisition of Australian
projects 
    ** Adds that co will comprise 60% stake of JV, while
Yongxing will comprise the rest
    ** Stock has fallen about 7.6% this year, as of last close 

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))