Flinders Mines jumps to almost 8-month high over agreement termination

Red Hawk Mining

05/09/2022 02:01

** Shares of Australia-based Flinders Mines  FMS.AX  rise as
much as 13.2% to A$0.6, their highest since Jan. 13
    ** Shares rise after the iron ore miner's farm-in agreement
with BBIG group PTY was terminated by BBIG  urn:newsml:reuters.com:*:nGLFbbDVHZ
    ** Termination of the agreement allows the company to
negotiate a staged development of Pilbara Iron ore Project
(PIOP)
    ** Co will continue to investigate the development of Stage
Two of PIOP, a higher volume operation involving rail, road
and/or port facilities
    ** Pursuant to agreement, there will be one final shortfall
payment of circa A$10 million ($6.79 million)
    ** Co on track for third straight gaining session
    ** Stock posts its biggest intraday pct fall since Aug. 31
    ** Stock has fallen 7% this year, as of last close

($1 = 1.4715 Australian dollars)

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))