Australia's Industrial Minerals hits record high on MoU with Chinese firm

Industrial Minerals

12/09/2022 02:30

** Shares of Australia's Industrial Minerals Ltd  IND.AX 
rise as much as 8.2% to a record high of A$0.460
    ** Miner says it signed strategic non-binding memorandum of
understanding (MoU) with Shandong Hongbote Solar Technology Co
Ltd (SHST)  urn:newsml:reuters.com:*:nGLF8TgR2X
    ** Co says MoU to supply high-purity silica sand to the
photovoltaic glass sector in China 
    ** Says alliance will have two stages; in stage 1, co seeks
to formalise supply agreement for up to 600,000 tonnes per annum
of high-purity silica sand from the Stockyard project, subject 
to a successful definitive metallurgical testing by SHST
    ** In stage 2, co seeks to enter into strategic partnership
agreement with SHST for the construction of a new joint venture
silica processing plant in China
    ** Stock had risen 97.7% this year, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))