Australian Strategic Materials rises on deal with Hyundai Engineering

Hyundai Engineering & Construction Co

25/02/2022 04:22

** Shares of Australian Strategic Materials (Holdings)
 ASM.AX  rise as much as 11.8% to A$8.050, set for best session
since Aug. 13 if gains hold
    ** Rare-earth metals supplier signs https://www.asx.com.au/asxpdf/20220225/pdf/456f8vm5s2kbhz.pdf
 heads of agreement with South Korea-based Hyundai Engineering
Corp (HEC) 
    ** Deal to exclusively negotiate the front-end engineering
and design (FEED) and engineering procurement and construction
(EPC) for co's Dubbo project in New South Wales
    ** Both companies have entered into an exclusivity period
for award of FEED by March 31 and subject to successful delivery
of FEED, for award of EPC until Feb. 25, 2023
    ** More than 500,000 shares change hands, compared with the
30-day average of about 390,000 shares 
    ** Stock down ~32.5% this year, as of last close 

 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))