Australia's Mayur Resources hits over 2-year high on deal

Pacific Lime and Cement

14/08/2023 01:54

** Shares of Mayur Resources  MRL.AX  soar as much as 17% to
A$0.310, their highest since March 4, 2021 
    ** The diversified miner says it has signed a term sheet
with France-based Vision Blue Resources for a US$40 million
investment in exchange for a 49% stake in the company's Central
Lime Project in Papua New Guinea 
    ** Adds that Phase 1 of the project is estimated to generate
annual revenues and Earnings Before Interest, Tax, Depreciation
and Amortisation of over US$50 million and US$25 million
respectively
    ** Shares see best day since July 4 - if gains hold 
    ** Stock has risen 51.4% this year as of last close


($1 = 1.5307 Australian dollars)

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