Australia's Peak Rare Earths jumps on supply deal with China's Shenghe

Peak Rare Earths

09/08/2023 01:47

** Peak Rare Earths Ltd  PEK.AX  rises as much as 6.1% to
A$0.525, marking its biggest intraday gain since July 11
    ** PEK hits its highest level since July 21
    ** Says signed agreement to supply rare-earths concentrate
from its Ngualla project in Tanzania to the Singapore-based unit
of Chinese rare earths processor Shenghe Resources Holding
 600392.SS 
    ** Says agreement for an initial term of seven years
    ** Adds Ngualla project's construction and development
completion expected by early 2026
    ** PEK up 15.1% this year, as of last close

 (Reporting by Sameer Manekar in Bengaluru)
 ((Sameer.Manekar@thomsonreuters.com; Twitter: https://twitter.com/sameer_manekar))