Australia's Sultan Resources at near 1-month high on JV deal with Rio unit

Sultan Resources

21/06/2023 02:18

** Shares of Australia's Sultan Resources  SLZ.AX  rise as
much as 15.9% to A$0.051, hitting highest since May 24 
    ** The mineral explorer enters a joint venture agreement
with a unit of Rio Tinto  RIO.AX  
    ** Co adds that venture agreement is for a portion of co's
Lake Grace tenure and allows Rio's unit to undertake preliminary
exploration and then earn an 80% interest by way of A$2 mln
($1.36 mln) of exploration spend within 5 years  
    ** Stock down 48.2% this year, as of last close

    ($1 = 1.4732 Australian dollars)

 (Reporting by Nausheen Thusoo in Bengaluru)
 ((Nausheen.Thusoo@thomsonreuters.com;))