In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record a small gain. The benchmark index is currently up slightly to 8,147.1 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are rising:
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Core Lithium Ltd (ASX: CXO)
The Core Lithium share price is up 7.5% to 10.75 cents. This follows the release of a resource update for the Finniss Lithium Project in the Northern Territory. While the overall project ore reserve has decreased by 13.5%, the BP33 ore reserve has increased by 223% from 3.9Mt to 8.7Mt as a result of the updated BP33 mineral resource. Management believes that this provides a strong foundation for the restart studies that are currently underway. It also estimates that its ore reserves will underpin a simpler project with a notional operating life of 9.5 years at the rate of the existing 1Mtpa Finniss process infrastructure.
Fortescue Ltd (ASX: FMG)
The Fortescue share price is up 5% to $18.96. This morning, the mining giant announced a significant expansion of its partnership with global equipment manufacturer Liebherr. This will see the two parties develop and validate a range of zero emission mining solutions. The equipment will be powered by the battery power system developed by Fortescue Zero. Management expects the partnership to create one of the world's largest zero emission mining fleets. It intends to invest up to US$2.8 billion (A$4 billion).
Mineral Resources Ltd (ASX: MIN)
The Mineral Resources share price is up 5% to $41.13. As well as benefiting from a strong session in the mining sector, the company released an announcement this morning. It advised that the sale of a 49% interest in the Onslow Iron haul road to investment funds managed by Morgan Stanley Infrastructure Partners has been completed. Completion of the transaction was achieved after Mineral Resources received the upfront cash consideration of $1,100 million from Morgan Stanley Infrastructure Partners. The haul road is a key component of an innovative transportation infrastructure solution has unlocked stranded iron ore deposits in the West Pilbara region of Western Australia.
Webjet Group (ASX: WJL)
The Webjet share price is up 7% to 92.2 cents. This may have been driven by a broker note out of Morgans. Its analysts have put an add rating and 95 cents price target on the online travel agent's shares following their demerger from Web Travel Group Ltd (ASX: WEB) this week. Webjet Group is home to the Webjet OTA business and the GoSee global travel e-commerce group.
