Australia's Tulla Resources soars to eight-month high on Koch Metals deal

Tulla Resources Pty

21/01/2022 24:16

** Shares of Tulla Resources Ltd  TUL.AX  climb as much as
15.13% to A$0.685, their highest since March 19
    ** Enters into a heads of agreement with Koch Metals in
relation to an off-take deal and funding for Tulla's iron ore at
the Norseman Project, Western Australia  urn:newsml:reuters.com:*:nFWN2U01KG
    ** Koch will buy up to 400 mln tonnes of JORC compliant iron
ore and provide A$42 mln ($30 mln) for development and
exploration of ore, according to the agreement
    ** Stock posts biggest intraday percentage gain since July
15
    ** More than 542,800 shares change hands, 2.6 times the
30-day average volume 
    ** Stock down about 12% in 2021, as of last close

($1 = 1.3866 Australian dollars)

 (Reporting by Archishma Iyer)
 ((Archishma.Iyer@thomsonreuters.com;))