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Highlights
- At 12.32 PM AEDT, Liontown's shares were trading at AU$2.06 each, up 3.52% on ASX today.
- This outperforms ASX 200 Materials index, which was 3.28% up at 16,891.90 points at 12.33 PM AEDT.
Shares of Liontown Resources Limited (ASX:LTR) are trading in the green today (11 November).
At 12.32 PM AEDT, the company's shares were found trading at AU$2.06 each, up 3.52% on ASX today.
This outperforms ASX 200 Materials index, which was 3.28% up at 16,891.90 points at 12.33 PM AEDT.
Why are Liontown's shares trading higher?
The company on 10 November 2022 announced in an ASX filing that Craig Williams would stay on as a director beyond the forthcoming Annual General Meeting (AGM) on 22 November 2022. Williams would step down from the board of directors at the AGM, the company had earlier announced.
On the back of the news, the company's shares last exchanged hands at AU$1.99 apiece, up 1.27% on ASX on Thursday (10 November). Meanwhile, around 12.09 million shares of Liontown exchanged hands on ASX yesterday (10 November).
Additionally, in the last week, lithium prices have grown 2.60% and 13.40% monthly (as of 12.35 PM AEDT today).
Details on William's retention
With the award of important significant construction contracts like the Open Cut Mining contract, Structural, Mechanical and Piping (SMP), and Electrical and Instrumentation (E&I) contracts scheduled over the upcoming months, the business continues to advance the development of the Kathleen Valley Project. In preparation for the underground mining bids and the start of mining activity in 2023, detailed mine design, optimisation, and evaluation work is currently ongoing.
Williams has volunteered to stay on as a Non-Executive Director of the company to support the company through this crucial stage of its development because of his significant operational knowledge.
Image source: © 2022 Kalkine Media®
Data source- Company announcement dated 10 November 2022
A quick look at Liontown's September quarterly report
On 31 October 2022, Liontown shared its quarterly activities report for the period that ended on 30 September 2022.
Liontown chose Lycopodium Minerals Pty Ltd during the quarter to offer Kathleen Valley Lithium Project engineering, procurement, construction management (EPCM), and commissioning services.
The Western Australian (WA) Government's approval of the mining proposal and works approval for a 4Mtpa operation, according to Liontown, is a big victory for the Kathleen Valley Lithium Project and opens the door for the beginning of significant site work.
Image source: © 2022 Kalkine Media®
Data source- Company announcement dated 31 October 2022
