Imerys shares jump on JV with British Lithium

Imerys SA

29/06/2023 09:36

** Shares in Imerys  IMTP.PA  are up 3.7% after the French
minerals group enters strategic partnership with British Lithium
    ** The aim of the joint venture, in which Imerys will have a
80% stake, is to make its Cornwall site the leading lithium hub
in Britain, with life of the mine expected to exceed 30 years
    ** It targets annual production for Cornwall of 20,000
tonnes of lithium carbonate equivalent, enough to equip 500,000
electric cars per year, by the end of the decade
    ** "As a first approach, our valuation of the Saint-Austell
deposit would be reduced from 9 euros ($9.83) to 4.8 euros
($5.24) per share, taking regulatory risks into account," Oddo
BHF analysts say in a note
    ** "The forthcoming announcement of the results of the
drilling in Cornwall will not fail to surprise the market," it
adds
    ** Before the bell, Oddo had expected the stock to react
positively

($1 = 0.9159 euros)

 (Reporting by Clement Martinot)
 ((Clement.martinot@tr.com))