The materials sector has shot up over two per cent in early trade. It has been bolstered by the latest bid in what could be the biggest takeover in Australian gold mining history.
Newmont Corporation has made a final offer for Australia’s Newcrest Mining (NCM) worth $19 and a half billion US dollars.
Under the revised takeover offer, Newcrest shareholders would receive 0.4 Newmont shares for each share held, valuing shares at $32.87.
If the deal goes ahead, Newmont’s gold output will almost double that of fellow mining giant Barrick Gold. Newcrest Mining shares last traded at $29.79.
Mandrake Resources (MAN) has also lifted after increasing the acreage at its Utah Lithium Project in the Paradox Basin by 50 per cent.
Through ongoing staking activities, the company has expanded its acreage to more than 310 square kilometres of lithium brine prospective ground.
The company says it’s fully funded to move forward with further exploration, holding $18.3 million in capital. Shares have been trading at 4.3 cents.
Heavy Rare Earths (HRE) has had a strong run after releasing assays from its Cowalinya rare earth project in Western Australia.
The results were from 57 air core holes, as part of its recently completed 440-plus-hole rare earth exploration and expansion drilling program.
The assays included a number of high grade and thick rare earth intercepts within the project’s newly-discovered Western Zone. Heavy Rare Earth’s shares were trading at 12.5 cents.
In tech, YPB Group (YPB) has gained the tick of approval from Apple to release its UnifAI application to the APP store.
The free application allows users to authenticate products against fakes using AI, and will be unveiled at the same time as its Google Play release. Company shares last traded at 0.3 cents.
And finally, Fiji Kava (FIJ) has appointed fellow ASX-listed company, RooLife Group (RLG), to distribute its products in Australia and China.
The two-year deal will see RooLife sell Fiji Kava’s products and oversee its digital marketing and e-commerce operations.
Fiji Kava has doubled its share price, last trading at 0.6 cents, while Roolife was up 20 per cent, trading at 1.2 cents.
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