Australia's Power Minerals jumps on MoU with Xiamen Xiangyu New Energy

Power Minerals

11/07/2022 01:40

** Shares of Power Minerals  PNN.AX  jump as much as 10.9%
to A$0.460, their highest since June 24 
    ** The lithium explorer says it has signed an MoU with
energy batteries supplier Xiamen Xiangyu New Energy  urn:newsml:reuters.com:*:nFWN2YQ036
    ** Co says the MoU is for both parties to conduct due
diligence in respect of Power's Salta Lithium Project in
north-west Argentina 
    ** Adds that, under MoU, the parties will enter into
negotiations with a view to executing a binding off-take,
funding and logistics agreement in due course
    ** Shares see best day since July 1 - if gains hold 
    ** Stock has risen 5.1% this year as of last close

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