Australia's Hyterra hits 6-1/2-year high after Fortescue buys stake

Hyterra

29/08/2024 02:15

** Shares of Hyterra  HYT.AX  rise as much as 71% to
A$0.053, their highest level since Feb. 28, 2018
    ** Natural resources explorer says miner Fortescue  FMG.AX 
will acquire a strategic 39.8% interest in co 
    ** Says acquisition of stake for A$21.9 mln ($14.88 mln)
    ** Says funds from the investment will be used to undertake
exploration drilling campaign at its Nemaha Project in the
United States
    ** About 26.1 mln shares change hands, compared with the
30-day average trading volume of 2.4 mln shares 
    ** Stock up 58.2% YTD, as of last close 
   
($1 = 1.4715 Australian dollars)

 (Reporting by John Biju in Bengaluru)
 ((John.Biju@thomsonreuters.com;))