Kuniko eyes best day in over 18 years on offtake deal with Stellantis
03/07/2023 01:50
** Shares of Australia's Kuniko KNI.AX rise as much as
58.1% to A$0.68, set to gain most since April 2005
** Stock hits highest since January 2019
** Co signs offtake and equity investment agreement with
Franco-Italian automaker Stellantis STLAM.MI
** Says Stellantis has agreed to invest 5 million euros
($5.45 mln) in battery metals miner in return for near 20% stake
** Adds the carmaker will also get 35% of future production
of nickel sulphate and cobalt sulphate from Kuniko's Norway
exploration projects for nine years
** Says investment by Stellantis will help co in advancing
its brownfield and greenfield battery metals exploration
projects in Norway
** Stock has fallen 15.7% this year, as of last close
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com;))