Australia's Orica hits three-month high on NSW hydrogen hub approval
BUZZ-Australia's Orica hits three-month high on NSW hydrogen hub approval ** Shares of Australia's Orica ORI.AX rise as much as 2.3% to A$24.22, hitting their highest point since early March
** The commercial explosives supplier approves a final investment decision to build the Hunter Valley Hydrogen Hub in New South Wales, which it anticipates will reduce Orica's demand for natural gas feedstock by around 7.5%
** Integrated with the company's ammonia manufacturing facility in New South Wales, the hub is expected to produce 4,700 metric tons of renewable hydrogen per annum, sufficient to produce around 26,600 tons of low-carbon ammonia annually
** Capital expenditure related to construction is expected to range from A$245 million to A$283 million ($169.42 million to $195.69 million), over 2026 to 2029, net of government funding
** Shares remain down ~1%, YTD
(Reporting by Shruti Agarwal in Bengaluru)
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