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Australian stocks have rallied after Greece agreed to a bailout deal with the All Ords rising 101.5 points or 1.9% to 5561.9.
Mining stocks were some of the biggest gainers with the Materials Index up 2.6% to 8724.8 points.
() rose 2.8% to $27.14 while (ASX:FMG) is up 3.5% to $1.79.
Newcrest () gained 1.6% to $12.94 and (ASX:RIO) climbed 3.2% to $53.20.
Market action here…
() climbed 10.5% to $0.21.
Last week the company raised $4.98 million through a private placement priced at $0.20 to progress its Sintoukola potash projects in the Republic of Congo.
Its projects are high grade and large compared to its peers such as Corp’s (TSX:AAA) Dallol project and Circum Minerals’ Danakil project.
The quality and location of the deposits underpin the margins for its deposits with the Sintoukola projects in the lowest cost quartile of potash projects worldwide.
Dougou has estimated EBITDA margin of US$248 per ton while Kola has an estimated margin of US$232 per ton.
This compares to US$171 per ton for Dallol and US$208 per ton for Mag Industries’ (TSX:MAA) Mengo Potash Project.
Elemental’s Kola and Dougou deposits also have the first and second highest grades respectively when compared with its peers. Third highest is ’ (TSX:KRN market cap: $20M) while Corp’s (market cap: $163M) Dallol has the fourth highest grades.
Final preparations are now underway to start in August 2015 the Bankable Feasibility Study (BFS) for the Kola Sylvinite Project and the Pre-Feasibility Study (PFS) for the Dougou Carnallite Project.
The Kola BFS is planned for completion in Q3 2016 with the start of construction foreseen in Q2 2017.
The Dougou PFS and environmental social impact assessments are both scheduled to be completed in Q2 2016.
() rose 15.4% to $0.015 Aziana () jumped 23.9% to $0.145 with more than 3.5 million shares traded and () is up 11.1% to $0.01.
Blue Chip Stocks
Oil and Gas
Oil Search () up 1.0% to $6.96
() up 1.7% to $7.61
() up 2.0% to $33.91
Big 4 banks
ANZ Bank (ASX:ANZ) up 1.0% to $32.22
() up 1.3% to $86.32
() up 2.0% to $33.54
() up 1.9% to $33.60
Other banks financials and industrials
() up 1.4% to $6.30
() up 0.8% to $13.06
Bendigo and Adelaide Bank () up 2.5% to $12.85
() up 2.3% to $81.98
Suncorp () up 2.5% to $13.94
() up 1.1% to $6.30
Retailers
JB Hi-FI () up 1.9% to $19.90
() up 2.4% to $40.62
Woolworths () up 2.4% to $27.78
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