Australia's Rex Minerals jumps on likely JV with Japan's Nittetsu Mining

Nittetsu Mining Co

20/12/2023 24:39

** Shares of Rex Minerals  RXM.AX  jump as much as 12.1% to
A$0.185, hitting their highest level since Sept 25 
    ** The mineral explorer says it has executed a non-binding
letter of intent (LOI) with Nittetsu Mining Co  1515.T  
    ** Says LOI to establish a joint venture in respect of its
wholly owned Hillside Copper-Gold Project
    ** Says LOI sets out principal terms on which Nittetsu can
initially acquire 15% participating interest in the project 
    ** Adds capital expenditure for development of the first
stage of Hillside project expected to be A$854 mln ($577.05 mln)
    ** Shares post their biggest intraday pct gain since Nov 28
    ** About 780,000 shares change hands vs the 30-day average
of 360,624 shares
    ** RXM stock down 28.3% YTD, as of last close  

($1 = 1.4799 Australian dollars)

 (Reporting by Echha Jain in Bengaluru)
 ((Echha.jain@thomsonreuters.com))