Australia's Pacific Nickel Mines rise on govt LoI for Kolosori project

Pacific Nickel Mines

11/07/2022 02:09

** Shares of Pacific Nickel Mines  PNM.AX  rise as much as
2.9% to A$0.072, their best day since June 30
    ** The nickel producer says it has received a Letter of
Intent from the Ministry of Mines, Energy and Rural
Electrification  urn:newsml:reuters.com:*:nFWN2YR032
    ** Says that Letter of Intent is with regards to issuing a
Mining Lease for the Kolosori Nickel Project in Solomon Islands 
    ** Adds LoI is subject to co entering into Surface Access
Rights agreement with the landowners, who own 20% of the project
    ** Shares hit highest since July 5
    ** Stock has fallen 14.6% this year, as of last close

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