Australia's Northern Minerals jumps on rare earths sale in NW Australia

Northern Minerals

26/10/2022 04:48

** Shares of Northern Minerals Ltd  NTU.AX  jump as much as
9.8% to A$0.045; on track for best day since Aug 3, if gains
hold
    ** Rare earths explorer says it entered long-term agreement
with Australia-based international mineral sands co Iluka
Resources Ltd  ILU.AX , to supply an initial 30.5 kilo tonnes of
total rare earth oxide (TREO) in concentrate from its Browns
Range project in North-Western Australia  urn:newsml:reuters.com:*:nASX8xZSs3
    ** Says under agreement, ILU will buy 100% of co's
forecasted TREO production annually
    ** Says it will raise A$5 mln (3.20 mln) at A0.04 per share
from ILU to fund the Browns Range project 
    ** NTU stock hits highest since Oct 6
    ** More than 4,236,258 shares change hands, more than double
the 30-day average volume
    ** Shares of ILU are up as much as 3%, on track for best day
since Oct 24 
    ** NTU stock down 25.5% and ILU down 7% YTD, as of last
close
($1 = 1.5642 Australian dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))