The Province Resources Ltd (ASX: PRL) share price is on the move after the company provided a positive update today.
During market open, the minerals producer's shares were fetching for an intraday high of 15 cents, up 7.14%. They have since given up some of those gains and now trade for 14.8 cents, up 5.36%.
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What did Province announce?
Investors appear excited by the company's latest announcement, sending the Province Resources share price higher.
In its announcement, the company advised its HyEnergy Project has been awarded lead agency status by the Western Australian government.
The official status enables a higher level of collaboration between a state agency and the company. As such, the Department of Jobs, Tourism, Science and Innovation (JTSI) will lead the facilitation on the project.
This will see more coordinated and streamlined support to assist the HyEnergy Project through the government approvals processes.
Recently, Province Resources lodged a Project Definition Document with the JTSI department, outlining key details of the project.
Earlier in the year, the company entered into a memorandum of understanding (MoU) with global renewable energy leader, Total Eren.
The framework paved the way for a feasibility study on potentially developing the proposed HyEnergy Zero Carbon Hydrogen project. This included installing up to an 8-gigawatt renewable power facility, and creating an integrated hybrid renewable energy capacity.
Province managing director, David Frances commented:
The formal appointment of the Department of Jobs, Tourism, Science and Innovation as lead agency will provide significant assistance in obtaining government approvals.
The decision also elevates the status of the HyEnergy Project as a significant development for the State, and one which will make a major economic contribution to the Gascoyne region and beyond.
We are thrilled with the support the HyEnergy Project is receiving from our major stakeholders as we progress this important green energy development.
About the Province Resources share price
It's been an outstanding 12 months for Province Resources shares, delivering astronomical gains of 1,035% to investors.
On valuation metrics, Province Resources has a market capitalisation of $166.62 million, with about 1.13 billion shares on issue.
