Australia's Altamin jumps as co executes JV for Gorno zinc project

BCM Resources

19/10/2022 02:01

** Shares of Altamin Ltd  AZI.AX  rise as much as 7.5% to
A$0.086, their highest since Oct 10
    ** The mineral explorer says it executed a joint venture
agreement with private firm Appian Italy B.V   urn:newsml:reuters.com:*:nASX3cq1gW
    ** Co says under the agreement, its unit will transfer the
assets comprising the Gorno Zinc Project in Northern Italy to a
newly incorporated Italian JV firm called Vedra Metals SRL
(Vedra)
    ** Says Appian may invest A$103 mln ($65.03 mln) to acquire
67.4% interest in Vedra 
    ** Stock posts its biggest intraday pct gain since Oct 7
    ** More than 202,361 shares change hands, double the 30-day
average volume 
    ** Altamin stock up 19.3% this year, as of last close
     ($1 = 1.5838 Australian dollars)
 (Reporting by Poonam Behura in Bengaluru)
 ((Poonam.Behura@thomsonreuters.com;))