Australia's Peak Rare Earths jumps after Tanzania project stake sale

Peak Rare Earths

24/07/2024 03:32

** Shares of Peak Rare Earths  PEK.AX  rise as much as 31.4%
to A$0.23, their biggest intraday percentage gain since March 20
    ** Stock hits its highest level since June 12
    ** The rare-earths explorer says Chinese miner Shenghe
Resources  600392.SS  will buy a 50% stake in co's Ngualla
Project in Tanzania for A$96 mln ($63.42 mln)
    ** About 614,000 shares change hands, compared with the
30-day average volume of around 235,000
    ** Stock trims YTD losses to 35.7%, including session's
moves

   ($1 = 1.5138 Australian dollars)

 (Reporting by Aaditya Govind Rao in Bengaluru)
 ((Aaditya.govindrao@thomsonreuters.com;))