Australia's West Wits Mining climbs on JV deal with Rio Tinto

West Wits Mining

10/12/2021 24:48

** Shares of gold and copper explorer West Wits Mining Ltd
 WWI.AX  rise as much as 19.4% to A$0.037, their highest since
Dec 3
    ** Co signs a farm-in and joint venture (JV) agreement with
Rio Tinto Exploration, a unit of Rio Tinto  RIO.AX , for its Mt
Cecelia gold and copper project in Western Australia  urn:newsml:reuters.com:*:nASX42Jkw
    ** Rio Tinto Exploration has the right to earn a 51% stake
by spending a minimum of A$4 mln ($2.86 mln) of exploration
expenditure within four years   
    ** RTX then has option to sole fund a further A$6 mln of
exploration expenditure within three years to earn an additional
29% stake
    ** Stock posts its biggest intraday percentage gain since
Dec 3
    ** Over 14.5 mln shares change hands, vs 30-day average
volume of ~7.5 mln
    ** Stock down 55.4% YTD, as of last close

    ($1 = 1.3998 Australian dollars)

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