Australia's Frontier Resources climbs on acquiring rare earth and alumina projects

Fortuna Metals

01/11/2021 03:39

** Shares of Frontier Resources  FNT.AX  rise 42.1% to
A$0.027, their highest since Jan. 13
    ** Gold and base metal explorer says it will buy Dalkeith
Capital, which holds exploration license applications for rare
earth elements, high-purity alumina, and gold in Western
Australia  urn:newsml:reuters.com:*:nASX2sh69D
    ** Co says acquisition will help focus on growing global
demand for electric vehicles
    ** Adds light rare-earth oxides is important for permanent
magnets production for which demand is set to increase 5x by
2030
    ** FNT proposes to issue 75 mln shares at an issue price of
A$0.016 each to Dalkeith shareholders
    ** Stock posts biggest intraday pct gain since May 31
    ** About 48.2 mln shares change hands, compared with the
30-day average volume of 5.1 mln shares
    ** Stock has risen 40% this year, as of last close

 (Reporting by Navya Mittal)
 ((Navya.Mittal@thomsonreuters.com;))