Australia's Red Mountain Mining gains on rare earth mineral find at WA project

Red Mountain Mining

17/01/2022 02:14

** Shares of Red Mountain Mining  RMX.AX  climb as much as
20% to A$0.012, their biggest intraday pct gain since Oct. 27
    ** The gold explorer confirms https://www.asx.com.au/asxpdf/20220117/pdf/455175df3f67p6.pdf
 presence of key rare earth element minerals xenotime and
florencite at its Mt Mansbridge project in Western Australia
    ** Says confirmation of xenotime mineralisation presents co
with an opportunity to "capitalise" on this and determine
whether there is an economically viable concentration of rare
earth elements 
    ** Co adds xenotime and heavy group rare earth elements are
critical for green energy transition, used in electric vehicles
and wind turbines for power generation
    ** Stock hits highest level since Nov. 24
    ** More than 11 mln shares have changed hands, compared with
the 30-day average of about 4.8 mln shares 
    ** RMX up ~11.1% YTD as of last close 
    


 (Reporting by Upasana Singh in Bengaluru)
 ((Upasana.Singh@thomsonreuters.com))