Australia's Heavy Minerals gains most in 5 months; signs MoU to sell Garnet

Heavy Minerals

07/03/2024 24:19

** Shares of Australia's Heavy Minerals  HVY.AX  rise as
much as 35.8% to A$0.11 - biggest intraday pct gain since Oct. 3
    ** Stock at its highest level since Dec. 12
    ** Industrial mineral explorer signs non-binding Memorandum
of Understanding (MoU) with private Australian manufacturer
Abrasive Blasting Service & Supplies 
    ** MoU for sale of 15,000 tonnes per annum (tpa) of Garnet
in Australia and New Zealand
    ** Adds offtake to account for around 10% of co's annual
future Garnet production at its Port Gregory project in Western
Australia
    ** Around 514,570 shares change hands as of 0015 GMT, vs
30-day average volume of 74,625 shares
    ** Stock down 14.7% YTD, as of last close

 (Reporting by Roshan Thomas in Bengaluru)
 ((Roshan.Thomas@thomsonreuters.com))