Australia's Lindian Resources hits over 9-year high on rare earths project acquisition

Lindian Resources

01/08/2022 02:22

** Shares of bauxite and gold explorer Lindian Resources
 LIN.AX  surge as much as 44.4% to A$0.195, hitting their
highest since March 27, 2013
    ** Co enters https://www.asx.com.au/asxpdf/20220801/pdf/45cf9w2wb4p06h.pdf
 into an agreement to acquire Rift Valley Resource Developments
and its Kangankunde Rare Earths project in southern Malawi for
$30 mln
    ** The Kangankunde project is a carbonatite-hosted system
and a globally significant deposit with major potential in size
and grade, says LIN
    ** Stock set to mark best session since May 30, if gains
hold
    ** As of last close, LIN had risen ~309.1% YTD
    


 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))