Australia's Ardea soars on nickel project deal with Sumitomo, Mitsubishi

Sumitomo Metal Mining

29/04/2024 02:08

** Shares of Ardea Resources Ltd  ARL.AX  jump as much as
11.8% to A$0.95, their highest since Dec 5, 2022
    ** The Australian nickel miner says it signed a binding deal
with Japan's Sumitomo Metal Mining  5713.T  and Mitsubishi Corp
 8058.T  to develop the Kalgoorlie nickel project in Western
Australia
    ** Under deal, parties will form a joint venture and conduct
a definitive feasibility study aiming at a final investment
decision for the Kalgoorlie project
    ** The consortium of Sumitomo Metal Mining and Mitsubishi
will fund A$98.5 million ($64.52 million) for the costs of the
study, thereby earning a 50% stake in JV
    ** Ardea Resources stock posts its biggest intraday pct gain
since April 22
    ** Stock has risen 78.95% this year as of last close



($1 = 1.5267 Australian dollars)

 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))