Australia's Lindian Resources climbs on settling rare earths project litigation

Lindian Resources

27/05/2022 04:55

** Shares of Lindian Resources  LIN.AX  jump as much as
23.1% to A$0.048, highest since Jan. 22, 2020
    ** Bauxite and gold exploration firm says it has reached an
out-of-court settlement on its proposed acquisition of up to a
75% stake in Kangankunde rare earths project in Malawi
 urn:newsml:reuters.com:*:nFWN2XI131
    ** Stock posts its biggest intra-day percentage gain since
Sept. 30
    ** Says under terms of settlement, parties agree to
discontinue proceedings in exchange for Lindian receiving a
60-day exclusivity period
    ** Says during exclusivity period, co will seek to negotiate
terms of a legally-binding transaction
    ** Co says deal will allow Lindian to acquire a 100% stake
in Rift Valley Resource Developments — owner of the Kangankunde
project
    ** LIN up 18.2% YTD as of last close 
    


 (Reporting by Riya Sharma in Bengaluru)
 ((Riya.Sharma@thomsonreuters.com;))