Australia's Ora Banda Mining climbs to near 5-month high on JV deal

Ora Banda Mining

30/10/2023 24:31

** Shares of Ora Banda Mining  OBM.AX  advance as much as
7.4% to A$0.145, their highest since June 9 
    ** The gold explorer says it has entered a joint venture and
farm-in agreement with a unit in the Wesfarmers Chemicals,
Energy and Fertilisers division  urn:newsml:reuters.com:*:nFWN3BY042
    ** Deal to sell 65% of all mineral rights other than gold
and by-products for A$26 mln ($16.48 mln) and 2% royalty on the
Davyhurst tenement package
    ** Adds the unit and co will enter a 65%/35% joint venture
with unit having ability to its stake in JV to 80% by sole
funding additional A$15 million of exploration expenditure 
    ** Ora Banda stock up ~60.7% this year, as of last close

    ($1 = 1.5773 Australian dollars)

 (Reporting by Archishma Iyer in Bengaluru)
 ((Archishma.Iyer@thomsonreuters.com;))