Australia's Peak Rare Earths marks best day in 6 months as Chinese firm buys stake

Peking University Resources (Holdings)

14/02/2022 24:50

** Shares of Peak Rare Earths Ltd  PEK.AX  soar as much as
15.1%, mark their best intraday session since July 22, 2021
    ** Says Chinese rare-earths producer Shenghe Resources
 600392.SS  agreed to acquire a 19.9% interest in Peak 
 urn:newsml:reuters.com:*:nASXbmDq9t  urn:newsml:reuters.com:*:nL1N2UM0PO 
    ** Acquisition of stake for A$0.99 per share, a 24.5%
premium to PEK's last close of A$0.795
    ** Trading volumes are over six times their 30-day average,
with about 1.6 mln shares traded so far 
    ** Stock hits highest level since Jan 21
    ** PEK stock down 5.9% YTD, as of last close
    


 (Reporting by Harshita Swaminathan)
 ((Harshita.Swaminathan@thomsonreuters.com))