Australia's Kiland rises on undertaking carbon removal project

Kiland

16/06/2022 03:25

** Shares of forestry management co Kiland Ltd  KIL.AX  rise
as much as 8.9% to A$1.280, their highest since March 7
    ** Co says it intends to convert about 4.5 mln tonnes of
fire-damaged biomass into biochar, a stable form of carbon which
may increase soil fertility and productivity  urn:newsml:reuters.com:*:nASX2njmmm
    ** Says biochar production may offer co a "significant
opportunity for monetisation" via potential production of 1.8
mln carbon removal certificates
    ** Says incremental funding requirement for biochar project
is currently expected to be about A$15 mln ($10.53 mln) 
    ** Shares mark their biggest intraday pct gain since March
18
    ** About 157,758 shares change hands, 2.7 times the 30-day
average of 57,931 shares
    ** As of last close, stock down 11.9% this year

($1 = 1.4249 Australian dollars)

 (Reporting by Himanshi Akhand in Bengaluru)
 ((Himanshi.Akhand@thomsonreuters.com;))