Liontown shares soar on Tanzania acquisition
PERTH (miningweekly.com) – The share price of ASX-listed junior Liontown Resources ended nearly 63% higher at the end of trade on Tuesday, after the company announced that it had secured a lithium-tantalum exploration project in Tanzania.
Through a combination of tenement acquisitions and an option deal with a local company, Liontown had acquired a contiguous 177 km2 ground package, dubbed the Mohanga project.
Grades of up to 5.2% lithium oxide and 0.11% tantalum pentoxide were returned from recent reconnaissance sampling at the Mohanga project.
Liontown chairperson Tim Goyder said on Tuesday that the acquisition of the Mohanga project provided the company with an outstanding early-stage growth opportunity in a commodity that was experiencing a significant level of global attention and investor interest.
“The lithium sector is currently enjoying a strong growth phase, with major analysis and investment banks highlighting a potential supply shortfall over the next three to five years, as demand for the metal accelerates on the back of rapid forecast growth in the energy storage and lithium ion battery sectors,” Goyder said.
He added that while there was much to do to confirm the early potential at the Mohanga project, the acquisition gave shareholders immediate exposure to one of the most promising growth sectors in the commodities market.
“We are delighted to have the opportunity to explore such a high potential project which bears geological similarities to the region which hosts the world-class Greenbushes lithium deposit, in Western Australia.”
Liontown shares traded at a high of 1.4c each on Tuesday, up from an opening price of 0.9c a share and the previous day's closing price of 0.8c a share.
Comments
Press Office
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation