Australia's Heavy Minerals jumps as Mozambique project ore estimates improve

Heavy Minerals

06/12/2021 04:42

** Shares of mineral explorer  HVY.AX  rise as much as 3% to
A$0.17, set for their sharpest single day pct rise since Nov. 19
    ** Co says updated mineral resource at its 70% owned
Inhambane heavy mineral sands project in Mozambique, South
Africa has increased by 59% as compared to previous estimates
 urn:newsml:reuters.com:*:nASX55vwlW
    ** Adds that estimates show 90 mln tonnes (Mt) of ore at 3%
of total heavy minerals (THM) concentrate and 2.7 Mt of
contained THM as compared to 1.7 Mt of contained THM previously
reported  
    ** Minerals mined by co includes industrial minerals zircon,
rutile and leucoxene used for the production of ceramic tiles 
    ** Stock has fallen 5.7% so far this year since its IPO on
Sept.14

 (Reporting by Roushni Nair in Bangalore)
 ((Roushni.Nair@thomsonreuters.com))