Australia's Group 6 Metals rises after decision to repurpose state grant

Group 6 Metals

23/03/2023 04:36

** Shares of Group 6 Metals  G6M.AX  climb as much as 6.1%
to A$0.175, posting their biggest intraday percentage gain since
March 17
    ** Tungsten producer says it would repurpose a A$2 mln
($1.35 mln) grant from the Tasmanian govt 
    ** Says state grant was provided to enable Hydro Tasmania
build a grid connection and upgrade existing HV transmission
line to its Dolphin Tungsten Mine at Grassy 
    ** Says it was agreed between co and Hydro Tasmania that
this "was not the optimum solution", resulting in a decision to
provide power to the operations via a dedicated solution on an
interim basis
    ** Says following negotiations with govt, it has been agreed
that unspent funds will now be redirected to co to assist it in
providing an independent source of power
    ** Hydro Tasmania is owned by the Tasmania government
    ** G6M stock down 5.7% YTD, as of last close 

($1 = 1.4865 Australian dollars)

 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))