St George Mining to Acquire High-Grade Araxa Niobium Project in Brazil's Minas Gerais; Shares Jump 26%

MT Newswires Live08-06

St George Mining (ASX:SGQ) plans to acquire the high-grade Araxa niobium-REE project in Brazil's Minas Gerais, the miner said in a Tuesday filing with the Australian bourse.

Under the binding conditional agreement the miner signed, it will acquire all the issued capital of Itafos AraxÃ¡ Mineracao E Fertilizantes, the entity which wholly owns the AraxÃ¡ project, the filing said.

St George Mining will pay Itafos $10 million at the close of the transaction, with deferred payments of $6 million in nine months and $5 million in 18 months, it said.

Shares of St George Mining jumped more than 26% in recent trade.

Price (AUD): $0.04, Change: $+0.01, Percent Change: +26.47%

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