Australia's Strandline Resources hits 8-1/2-yr high on WA mineral project update

Strandline Resources

17/01/2022 04:19

** Shares of Strandline Resources Ltd  STA.AX  rise as much
as 24.1% to A$0.335, their highest level since May 3, 2013
    ** The nickel miner says construction of its Coburn Mineral
Sands project in Western Australia is now 50% complete
 urn:newsml:reuters.com:*:nASXXdVM
    ** Says Coburn project is on time and budget, with first
production of heavy mineral concentrate (HMC) set for the
December-quarter 2022
    ** Forecasts average annual EBITDA of A$104 mln ($74.99
mln)over the estimated 22.5-year initial life of a mine 
    ** Stock posts its biggest intraday percentage gain since
March 3, 2021
    ** Over 8 mln shares change hands, vs 30-day average volume
of ~2.8 mln
    ** Stock down 3.6% YTD, as of last close

     ($1 = 1.3868 Australian dollars)

 (Reporting by Arundhati Dutta in Bengaluru)
 ((Arundhati.Dutta@thomsonreuters.com;))