Arcadia Minerals (ASX: AM7, FRA: 80H) share price jumps over 14%, here’s why

February 02, 2024 04:08 PM AEDT | By Manisha

Arcadia Minerals (ASX: AM7, FRA: 80H) share price jumps over 14%, here’s why

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Highlights

Arcadia Minerals shares gained over 14% in early trade on Friday.

HeBei is progressing the construction work for a Multi Gravity Separation plant (MGS), as per the agreement inked with AM7.

HeBei has expended AU$3,245,000 to date, as equity capital for the ordering of processing equipment.

The first two quarters of 2024 are likely to see the completion of major works progressing mine construction at the Swanson Tantalum Mining Project.

ASX-listed Arcadia Minerals Limited’s (ASX: AM7, FRA: 80H) share price gained over 14% in early trade on Friday after the company shared an update about the mine construction progress at the Swanson Tantalum Mining Project. AM7 shares rallied as much as 14.545% to AU$0.063 apiece on the ASX.

AM7 had entered into an agreement with HeBei Xinjian Construction CC in May 2023, wherein HeBei had agreed to build a plant, set in infrastructure, and execute mine development as well as the commissioning of a Multi Gravity Separation plant (MGS) for 38% equity in AM7’s 80%-owned Orange River Pegmatite (Pty) Ltd.

As per the latest announcement, HeBei has expended AU$3,245,000 to date, as equity capital for the ordering of processing equipment. While some processing equipment have already been delivered, the delivery of the final equipment is expected by October 2024.

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