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Highlights
- Boab Metals has executed a Heads of Agreement with the Shire of Wyndham and East Kimberley (SWEK) to build a new accommodation facility within Kununurra.
- The facility will be based 50km from the company’s 75%-owned Sorby Hills Project, in the Kimberley, Western Australia.
- SWEK will be providing funds required for the construction of the new facility.
Boab Metals Limited (ASX: BML) and the Shire of Wyndham and East Kimberley (SWEK) have entered into a Heads of Agreement for the construction as well as lease of a new accommodation facility within Kununurra. The 180-person facility will be based at a distance of 50km from the company’s flagship Western-Australia based project, Sorby Hills.
Over the coming months, the ASX-listed company will be working with SWEK on this workstream to develop infrastructure for its 75%-owned project.
Data source: company update
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According to the company, the signing of the agreement between Sorby Management Pty Ltd (SMPL) and SWEK represents the constructive and co-operative relationship between BML and local stakeholders as well. It will further embolden the deep roots that Boab Metals has built within the community.
A second-hand accommodation camp was acquired by Boab Metals in September 2022, and mobilised to the project site for installation. The company will resell the camp after completion of the construction work.
BML shares gain over 9%
Triggered by the update, BML shares jumped over 9% to trade at AU$0.180 at the time of writing on 19 July 2023.