Australia's Anax Metals hits 8-month high as stronger commodity prices help onshore mine

Anax Metals

13/05/2024 03:16

** Shares of Anax Metals  ANX.AX  rise as much as 34.1% to
A$0.059, hitting their highest level since Sept. 18, 2023
    ** Stock trims some gains to trade 29.6% higher
    ** Diversified miner says strengthened copper prices have
increased economics of their onshore project in Western
Australia
    ** Co says planned 8-year mine life will generate around
A$520 mln ($342.63 mln) in free cash
    ** Adds, potential to increase open pit mine-life and
cashflow through re-optimisation at higher commodity prices
    ** Around 15.8 mln shares change hands, compared with the
30-day average volume of 4.7 mln shares
    ** Stock has risen 46.7% this year, as of last close
    

($1 = 1.5177 Australian dollars)

 (Reporting by Shivangi Lahiri in Bengaluru)
 ((shivangi.lahiri@thomsonreuters.com))