American Pacific Borates (ASX:ABR) share price leaps 8% on project update

Shares in the Aussie borate miner are climbing higher on Thursday.

a man in a hard hat and overalls raises his arms and holds them out wide as he smiles widely in an optimistic and welcoming gesture.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The American Pacific Borates Ltd (ASX: ABR) share price is leaping 8% after a project update from the borate miner.

What did American Pacific Borates announce?

The Aussie resources group told the market it has signed a second non-binding letter of intent (LOI) with the US-based group Borman Speciality Materials to supply boron specialty advanced materials.

The LOI supports targeted first production of materials at ABR's small-scale boron facility in the second half of CY2022.

Borman produces a wide range of global specialty products for many markets. These include the semiconductor, life sciences, aerospace, military and automotive markets.

Today's LOI brings a potential partnership involving ABR's Fort Cady Integrated Boron Facility in southern California a step closer.

The company's website says the Californian mine hosts "a multi-generational borate resource where boric acid, borate speciality materials, gypsum and potassium sulfate (SOP) will be produced for the global market".

ABR CEO Henri Tausch said:

We look forward to working with Borman Speciality Materials who have over 80 years operating experience in global markets, on the potential to supply speciality boron advanced materials that will be produced for critical future facing applications.

With partners now engaged for our planned SOP and Borates products, and with increasing favourable market conditions, the Company is fast moving towards initial production of boron specialty advanced materials from its small-scale boron facility in FY2022.

It's not just the CEO who is excited by today's announcement. The ABR share price is leaping higher and is one of the better performers on the ASX today.

Foolish takeaway

The news has clearly impressed shareholders with the ABR share price rocketing on Thursday.

Shares in the resources group are now slightly above where they started the year.

ABR shares are changing hands for $1.54 today compared to $1.50 on 4 January.

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

Market up or down
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors had a rough end to the week...

Read more »

Man in an office celebrates at he crosses a finish line before his colleagues.
Share Gainers

4 ASX 200 shares racing ahead of the benchmark this week

ASX investors sent these four stocks soaring 12% to 18% this week. But why?

Read more »

Man pointing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why BHP, Coronado Global, EBR Systems, and Whitehaven Coal shares are pushing higher today

These shares are ending the week on a positive note. Let's find out why.

Read more »

a young woman looks happily at her phone in one hand with a selection of shopping bags in her other hand.
BNPL shares

Up 87% since April, why the Zip share price can keep flying higher into 2026

A leading fund manager expects more outsized gains from Zip shares ahead.

Read more »

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a miserly session for investors today.

Read more »

Happy coal miner.
Share Gainers

Up 75% this week, why is this ASX All Ords stock rocketing again today?

Investors are piling into this ASX 300 stock on Wednesday. But why?

Read more »

A young woman smiles as she rides a zip line high above the trees.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a bountiful session for investors this hump day.

Read more »

Man looking happy and excited as he looks at his mobile phone.
Share Gainers

Why Coronado, DroneShield, Lovisa, and Mayne Pharma shares are racing higher today

These shares are having a good time on hump day. But why?

Read more »