Lithium Australia jumps most in 2-1/2 years on deal to form JV

Livium

07/08/2023 02:22

** Shares of Lithium Australia  LIT.AX  up 48.5% at A$0.049,
set for best day since Jan 19, 2021, if gains hold
    ** Co says it signed a deal with lithium miner Mineral
Resources  MIN.AX  to form a joint venture and develop a pilot
plant
    ** LIT says, under deal, MIN will solely fund the
development and operation of the pilot plant in Queensland with
a total budgeted cost of A$4.5 mln ($2.96 mln)
    ** Adds that co will contribute its patented LieNA
technology to manage pilot plant's production process 
    ** Stock at its highest level since Feb 7
    ** Stock down ~27% YTD, as of last close

    ($1 = 1.5195 Australian dollars)

 (Reporting by Ayushman Ojha in Bengaluru)
 ((Ayushman.ojha@thomsonreuters.com;))